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

Bra🍎nd 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 that wil🍒l make sure that Silverstone stays firmly on the map for the years to come."

Cockburn also said that the group had been wor♎king on a plan to save the race♌ for over a year, having previously 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 th🌠em to deliver our plans."

Earlier Mansell, a board director of the group, told The Sun newspaper that he was proud to 🔯be part of the "exciting developme🐻nt."

"It will mark an important step forward," he said. "Everyone involved believes that it could mean Grand Prix racing continuing in this country, which is the birthpla꧙ce of the sport."