AS PART of a drive to host BTCC, Formula 3 and GT car racing events, Cadwell Park will undergo changes.
Parts of the circuit will need to be widened in order to accomodate the cars. The site will receive a £6 million track extension, new grandstands, new pits and better dining facilities, as well as a hotel and museum.
The project will be funded by MotorSport Vision and will hopefully include an improvement to the paddock which is well below par compared to other national circuits.
Lincolnshire County Council are also planning to build a new motor technology park plot of land close to the circuit.
Councillor Eddy Poll said: "We will be seeking to create infrastructure and facilities that will attract new companies to the area, bringing employment opportunities. It's envisioned that these will predominantly be new start-up or spin-off businesses in the motor and transportation technology sector."
"This project has enormous potential. The grandstands are currently made up of old wooden seats and it really is out of date. The British Superbikes Championship is by far the biggest sporting event in the county. In terms of facilities, the venue is lacking some real basics, but this development could make it one of the best in the country."
