Northern Racing will take control of Silverstone - home of the British F1 Grand Prix - under a proposed 25-year lease deal.
A sister company to Birmingham-based St Modwen Properties, Northern Racing already owns and operates nine racecourses, including Newcastle, Uttoxeter and Chepstow.
The company will take over the day-to-day running of Silverstone on behalf of St Modwen if a plan to overhaul the F1 circuit as part of the lease is given the go-ahead.
Silverstone's owners, the British Racing Drivers' Club, last week announced they supported St Modwen's £600 million proposals to breathe new life into the much criticised Northamptonshire circuit.
St Modwen, which is also involved in a raft of other major development projects in the West Midlands, plans to overhaul Silverstone's facilities to create a world-class venue if its proposals are approved by the club's 500 full-time members, headed by president Sir Jackie Stewart.
The redevelopment of the site will comprise a mixed-use scheme involving industrial and commercial development, possibly with hotels, restaurants and even a car showroom to generate additional revenue.
Pits, grandstands and the media centre will also be updated.