The British Grand prix could be set t🧸o return to the Formula One calendar with the news that a consortium, which includes 1992 World Champion Nigel Mansell, could have come up with a rescure package.

Brand Synergy Limited is believed to have come up with the 🦄necessary funding to make up the shortfall between the amount the British Racing Drivers Club has offered for the race, and the amount that F1 boss Bernie Ecclestone is looking for.

Kim Cockburn, company director for Brand Synergy, told BBC Radio Five Live that the group has agreed to sign a seven year F1 Grand Prix licence with Ecclestone to save the race.

"We have sent our proposals to the BRDC," she said. "We share their vision to develop and deliver the masterplan ꦫthat will make sure that Silverstone stays firmly on the map for the years to come."

Cockburn also said that the group had been working on a plan to save the race for over a year, having previouslyꦇ been focused on rescuing Brands Hatch before it was purchased by the Motorsport Vision group owned by Jonathan Palmer.

"Our proposal to the BRDC is to acquire a long lease on Silverstone," she said, "and then work together with t💛hem to deliver our plans😼."

Earlier Mansell, a board director of the group, told The Sun newspaper th🌟at he was proud to be part of the "exciting devꦅelopment."

"It will mark an 🎐important step forward," he said. "Everyone involved believes that it could mean Gr💮and Prix racing continuing in this country, which is the birthplace of the sport."