(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."