( CNN ) -- Silverstone , home of the British Grand Prix , has officially unveiled a new circuit that will host both Formula One and MotoGP this year . The new $ 7.5 million 5.9km layout has come in the wake of Silverstone being handed the British Grand Prix for the next 10 years , after it looked certain the race would be moved to rival track Donington Park . The re-design , apart from increasing the length of the track , also sees famous sections of the old course -- Bridge and Priory -- removed altogether . New sections -- Farm Curve , Village corner , The Loop , Aintree corner and Wellington Straight -- have all been added and a new pit and paddock complex is currently in development . This is expected to be completed ahead of the 2011 British Grand Prix . Silverstone is owned by the British Racing Drivers ' Club and president Damon Hill , the 1996 world champion , admitted to reporters that there was a financial risk involved in spending so much money on the new circuit . `` It 's a necessary risk . The alternative was that the British Grand Prix would have gone off the calendar , '' admitted Hill . `` There is a justification to demand first-class facilities if you have a first-class event like Formula One , and others like MotoGP , but it has to make financial sense . `` We are relying a little on this country 's tradition of producing world-class drivers who potentially drive people through the gate . ''
The new British Formula One Circuit has been officially unveiled . The circuit will host the British Grand Prix as well as the British GP . Silverstone are to host the British GP for the next two years after Donington withdrew .