LONDON, Aug 1 (Reuters) - Silverstone's owners have approved development plans aimed at securing the long-term future of the British Formula One Grand Prix at the circuit.

The British Racing Drivers' Club (BRDC) said in a statement that the overwhelming endorsement by members "enables the BRDC executive to start to deliver on its plan to host the Grand Prix beyond its current contract which expires in 2009".

"This vote is a great result for the future of British motor sport," said BRDC president and 1996 Formula One world champion Damon Hill.

"We can only continue to develop exciting young stars like (McLaren's championship leader) Lewis Hamilton if we have the best facilities at which to nurture such talent."

The new development envisages new grandstands and pit and paddock facilities as well as a science park, manufacturer test centre and hotel and conference facilities. There will also be some residential development.

Hill said in June that the new plan would cost in excess of 20 million pounds ($40.48 million) with some land sold to finance the improvements. Planning permission has been sought already.

The future of the grand prix at the former World War Two airfield has been uncertain with Formula One supremo Bernie Ecclestone demanding substantial improvements before a new contract is agreed.