The loss, caused by rising F1 fees, is revealed in the latest accounts for the stricken circuit, which is set to lose its flagship F1 race in 2010 to the Donington track in Derbyshire.

Silverstone’s biggest single cost is the estimated £12million fee for hosting the F1 race. It is paid to the sport’s rights holder, private equity firm CVC, and increases by 10 per cent annually.

This drove Silverstone into the red in 2007 after it made a £1.3million after-tax profit for the previous 18-month period which included two Grands Prix.

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Silverstone is owned by the British Racing Drivers’ Club (BRDC), a private company limited by guarantee.

It has about 300 members, including Hamilton and former F1 world champions Nigel Mansell and Damon Hill.

BRDC chairman Stuart Rolt says he is “confident the company will remain viable without the Grand Prix from 2010 and well beyond”.

Rolt aims to regain the British Grand Prix.

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