Formula One supremo Bernie Ecclestone is ready to secure the future of the British Grand Prix but will not promote it himself.

"If we find a promoter we'll sign a long-term contract, we'll sign to 2011 or something like that," he said at the Spanish Grand Prix on Saturday.

The Briton holds the commercial rights to the race after U.S. advertising giant Interpublic handed them back, a move that cast doubt on Silverstone's future.

The circuit, owned by the British Racing Drivers' Club, hosted the first Formula One race in 1950 but Ecclestone said there was no contract with anyone for the grand prix after this year's event in July.

"I hope the BRDC find a promoter and we can continue there," said Ecclestone. "I'm absolutely sure that a promoter will come forward and promote the British Grand Prix.

"And I know that the BRDC will be extracting a large amount of money from Interpublic so they can do all the building work that they want," he added. "I hope they can do something an awful lot better than what's been proposed."