Damon Hill fears the future of the British Grand Prix could go down to the wire in negotiations with Formula One supremo Bernie Ecclestone.

Silverstone's contract to host the race expires at the end of next year's event, and not for the first time, Hill has admitted the odds on winning a new deal are "50-50".

Plans for a new £30m pit and paddock complex were recently approved by the local council, in the hope work will start towards the end of the year.

Whilst that will at least appease Ecclestone, who has long derided the facilities at the Northamptonshire circuit, negotiations with regard to another contract are a different matter.

It is understood the price from 2010 onwards is £11m to host the race, with a slight increase per annum throughout the course of the contract.

Compare that to Abu Dhabi, who will make their debut at the end of next season, and who are believed to be paying £30m per annum for the privilege.

Hill, president of the British Racing Drivers' club who currently own Silverstone, said: "We're definitely making progress.

"We've the planning consent for our pit and paddock complex, but it is one step at a time.

"Typically, negotiations will be ongoing and I expect won't come to a conclusion until the final hour, whenever that is.

"But if we're going to fulfil building requirements then ideally we have to get going on it before the end of this year.

"So at this moment it's situation normal."

Ecclestone recently stated he was in talks with Donington Park as a potential alternative, although that could be viewed as a tactic to get Silverstone to dig deeper.

"I would never discount any other option," remarked the 1996 F1 world champion.

"It's the nature of this free market that there's always another option to go to, and we have to compete.

"But a tremendous amount of work has gone into getting Silverstone teed up to become a leading centre for world motor sport.

"I think it's ideally placed to cater for Formula One, and for all motor sport."