The first British Grand Prix was held here in 1948, and it was only meant to be a one off, as the track was originally an airfield. Giuseppe Farina won the first World Championship race in 1950 for Alfa Romeo.

Forward wind in time and in 1973, Jody Scheckter spun at Woodcote, the right hander that leads into pit straight, triggering a multiple pile up. The track had its first alteration in 25 years due to this, and they added a chicane at Woodcote for the 1975 race. This was also the track that saw Clay Regazzoni give Williams their first win in 1979.

In 1987, a complex at Woodcote replaced the chicane, and that year Nigel Mansell defeated his team-mate, Nelson Piquet in one of the tracks best races. The track was revamped in 1991, followed by another major rebuild in 1994.

The British fans were overjoyed with Damon Hill's win in 1994, with Johnny Herbert winning for Benetton in one year later. Jacques Villeneuve took the win in both 1996 and 1997 while Michael Schumacher won in controversial circumstances in 1998 when he took victory for the Ferrari team in pit lane.

1999 saw the German suffer a first lap accident that saw him sidelined until the penultimate race of the season with a broken leg. Back in action and raring to go Schumacher returned a year later. He didn't win the event, McLaren driver David Coulthard took that honour ahead of team-mate Mika Hakkinen; however Schumacher still stood on the podium albeit on the third step.

Amid threats of the race being stricken from the F1 calendar due to constant traffic chaos, the 2001 event was won by Mika Hakkinen but Michael Schumacher was on the top step of the rostrum once again in 2002.

Ferrari's Rubens Barrichello clinched victory in the 2003 event, in a race which had been plunged into chaos by a kilt-wearing protestor who ran onto the track in the face of cars speeding past at 200 km/h.

Kimi Raikkonen stormed to Pole Position but the 2004 race fell once again to Michael Schumacher and the Ferrari team. Raikkonen, revelling with the handing of the MP4-19B introduced two-weeks before, pushed hard, crossing the line just over two seconds behind Schumacher with Barrichello just a second further adrift.

Raikkonen was the man on the move again in 2005 as he worked his way up from his 12th position on the grid to finish third behind his then title rival Fernando Alonso. Out front though Juan Pablo Montoya held on to take the win for McLaren Mercedes.

Under pressure to improve the facilities, the British Racing Drivers Club is looking at long-term investment plans for the circuit. Leasing the circuit to a property investor seems to be on the cards ahead of the 2006 race.