CADWELL Park near Louth has been sold and its new owners plan to bring exciting formula racing to the track.
MotorSport Vision announced it had bought Cadwell Park, Oulton Park, Brands Hatch and Snetterton from Interpublic and Brands Hatch Circuits for an undisclosed sum on Monday. The venue currently hosts British Superbikes.
MotorSport Vision, a new company led by former Grand Prix driver Jonathan Palmer, will develop the four circuits.
He told The Leader: "It's an exiting opportunity. Cadwell Park is a lovely circuit and nothing will change radically, but we'd like to create a venue the local community is proud of.
"The track also needs a little more investment and I would like to see bigger races back there, perhaps Formula Three.
"We want to attract more people to race and watch by making it a nicer place to be."
Mr Palmer, 47, won a Formula Three championship race at Cadwell in 1981.
"Everyone knew it as a great venue. It is respected across the country; nobody wins at Cadwell Park without being a good racer," he said.
He said increased high profile racing would be popular with competitors and spectators.
"Motor racing does not need amazing facilities. It's about a great track and a great atmosphere - Cadwell can provide that."
He added he hopes the race track will become central in the revitalisation of motorsport across the UK.
He said: "Race driving, commentary and motorsport business have dominated my life and I am thrilled. We are absolutely committed to developing motor racing at the circuits."
MotorVision will run alongside Mr Palmer's existing company, PalmerSport, which is based at Bedford Autodrome and provides corporate motorsport events.
Interpublic's interest in UK motorsport will now focus on the Silverstone circuit. Brands Hatch Circuits Limited will be renamed Silverstone Motorsport Limited.
Silverstone Motorsport managing director Andrew Waller said his company was confident the sale would safeguard future British motorsport.