A year ago, following the conclusion to the British Grand Prix, it was widely perceived Silverstone had staged its last event for some time.
There was a touch of irony in that after years of being slated by Formula One supremo Bernie Ecclestone, the Northamptonshire venue had actually never looked in better condition.
Ecclestone once described it as "a country fair masquerading as a world event", such was his antipathy at one point towards a track that has often lacked the modern touch.
Without government support, Silverstone has had to cut its cloth accordingly, which often led to conflict between what Ecclestone felt was a fair price and what the track bosses could afford.
In 2008, Silverstone chiefs suffered utter humiliation as Ecclestone confirmed on the Friday before that weekend's race that Donington Park would be the new hosts having signed a 17-year deal.
The man behind Donington, Simon Gillett, was even in the paddock at Silverstone that particular day toasting his success with glasses of champagne, posing for photographs and conducting interviews.
Talk about having your nose rubbed in it.
Gillett's ideas, though, ultimately proved to be pie in the sky as he was unable to raise the £135million of capital required, not at a time when the global recession was biting hard.
With the future of the British GP in limbo, Silverstone bosses again sat around the negotiating table with Ecclestone, both sides driving a hard bargain before signing their own 17-year contract in December, one that has an escape clause after 10 years.
The initial starting fee for next weekend's race is £12million, but with what is understood to be a seven per cent escalator built in, Silverstone could end up spending a total overall sum after the 17 years of over £300million.
Despite that, Silverstone Holdings chairman Neil England said: "Silverstone is a profitable, growing business.
"We've had three years of record profits out of the business, and every aspect of it, and a lot of that is because we're seen as the premier racing circuit.
"Formula One itself is not a business you would want to be in, but we manage it so it does not harm the rest of the business, which is the best way to put it.
"The fact the contract negotiations with Bernie took as long as they did indicates things are quite tight."
England, along with managing director Richard Phillips, has every intention, though, of ensuring Silverstone remains not just the best motor sport venue in Britain, but becomes one of the best in the world.
It is why £5million has been spent on the first redesign of the track for 19 years, and why further millions are being spent on a new pit and paddock complex, incorporating a media centre, due to be ready for next year's race.
Donington's demise also opened the door for Silverstone to again attract bikes back to the track, with MotoGP successfully staging its British round of the championship last month, and Superbikes due to run on August 1.
Silverstone has also recently been given a licence to host music concerts as it further diversifies its business.
It is all with the approval of the blazer-types of the British Racing Drivers' Club, who for years opposed change but are now moving with the times, primarily thanks to the modern thinking of their president, 1996 Formula One world champion Damon Hill.
"Everybody knows that over the years there have been issues with what the BRDC wants," added England.
"The one thing I would say about the BRDC now is that they are very supportive of what is happening at Silverstone.
"They are seeing a better race calendar than they have ever had in their history, and they are seeing more investment in the circuit than they've ever had in their history.
"They are also seeing a business that financially is performing better than it has ever done.
"So the days when there was a lot of tension and politics going around the BRDC, in my view, are now far, far reduced.
"And under Damon's leadership, the BRDC is getting back to what it started out as, which is more of a club, and less embroiled in the politics of Silverstone, which is for the good of motor sport."
Silverstone would appear to be thriving. No longer is it a village fair, but instead is now becoming a world event.
"We are well on the way to being one of the best motor sport facilities in the world for competitors, organisers and spectators alike," said Phillips.
"The redevelopment will help us to diversify our offering in the areas of leisure, education and creating a technological hub for motor sport that will ensure Silverstone remains a vibrant and healthy business for many years to come."
