FIA returns Silverstone road bond.

British Grand Prix organiser Octagon Motorsports has confirmed that it has had its $5 million bond returned by the Federation Internationale de l'Automobile [FIA], following the successful completion of road improvements at Silverstone ahead of this year's Formula One meeting.

The bond was lodged last year as security against Octagon's plans to cement the future of Silverstone as the home of the British Grand Prix, and a ?10 million investment into the 'dualling' of the Dadford Road ensured the targets were met ahead of the 2002 event.

In addition to the works on the Dadford Road, which runs parallel to the circuit, the junction with the new A43 by-pass has also been improved, creating a new entrance for the circuit with enhanced access. A total of 18,000 parking spaces will be available close to the circuit, of which 5000 are on new tarmac surface.

"We are delighted to have been given back the bond," Octagon CEO Rob Bain said, "We had every faith and worked closely with our contractors to ensure the work gathered pace ahead of the British Grand Prix.

"We are confident that the ?10.6million investment programme on the Dadford Road and to the main entrances to the circuit will result in a significantly improved road access at this year's event.

"I would like to take this opportunity to personally thank the prime minister Tony Blair, sports minister Richard Caborn and transport minister John Spellar for all their efforts and pro-active support in facilitating the process. I would also like to thank Fitzpatrick Limited and FM Conway Limited, for an outstanding commitment in completing the roads and associated car parks adjacent to the circuit, and to Faircloths, for completing the additional public amenities."

Octagon Motorsports launched 'The Masterplan for Silverstone' in June 2001, as a joint venture with the British Racing Drivers' Club [BRDC] and Bernie Ecclestone's Formula One Administration [FOA], to improve and secure the future of the Northamptonshire track. Phase one of that plan will be complete ahead of this year's event and phase two will be put into operation immediately after the British Grand Prix on 7 July, with a deadline ahead of the 2003 meeting when regular visitors to Silverstone will witness an impressive transformation.