Bernie Ecclestone has warned the BRDC that if they don't sign a contract by December 11, Britain will not have a F1 grand prix next season.
Although the 2010 British GP was expected to be held at Donington Park, a lack of finances put an end to the venue's contract, leaving the door open for Silverstone.
However, as yet the British Racing Drivers' Club, who own the Silverstone circuit, have yet to sign a deal with Ecclestone, who is reportedly offering the track a 17-year contract.
The F1 supremo has now informed that BRDC that they have until the next World Motor Sport Council meeting, which takes place on December 11, to sign or else Britain will lose its race.
"The World Council will meet and we will just pull it off - we will have to," Ecclestone told The Times. "We'll have no other choice, if we don't have a contract. We shouldn't have anything on the calendar unless we have a contract in place."
But having said that, Ecclestone reckons a deal is close, although investors still need to sign on the dotted line.
"They are close and they know they are close. It's not the terms and conditions so much as whether the investors are prepared to bankroll them and take the risk."
Asked whether he would regret losing Britain from the calendar, Ecclestone denied the widely-held belief that he doesn't care for the British GP or Silverstone.
"Of course we want a British Grand Prix. I've been spending an awful lot of time trying make sure it does happen, but there is no chance of an exceptional contract for Silverstone. Why should there be?"
