SILVERSTONE, England -- Formula One chief Bernie Ecclestone has given Silverstone's owners a month to guarantee improvements and assure the future of the British Grand Prix otherwise the race will be at risk.

Ecclestone said the British Racing Drivers' Club (BRDC), which owns the venue, should use the rent of eight million pounds ($12.73 million) a year it gets for the grand prix rights to raise a loan to pay for improvements.

The BRDC has sold the rights to promoters Octagon (now Brands Hatch Circuits) until 2015.

"They could make up their minds next week if necessary, if (BRDC president) Jackie (Stewart) says we can do it and the government comes on board," Ecclestone told reporters at Sunday's Formula One race at the circuit.

"I don't want to dump the British Grand Prix," he said.

"I want a British Grand Prix, but I want it to be the best. We are supposed to be the best in this country and this should be the best grand prix in the world."

"When both of those things have happened, then we are in business," said Ecclestone. "We have said then that we will confirm in writing that the FIA Formula One world championship will remain at Silverstone until 2015.

"We will guarantee the government that.

"If we have not got a firm commitment from those people by the middle of August, then we will be able to make an agreement with Octagon to say bye-bye and get out of it. Simple as that.

"Then we would be out in the cold with nowhere to race and someone would come forward and ask to race at their place, Donington or wherever."

Ecclestone suggested that neither Donington Park, which recently hosted the British motorcycle grand prix, or Brands Hatch would be viable alternatives, however.

"We are going to end up saying, 'We want to race in the U.K. Okay, where do we race?," he said.

Silverstone, a former wartime airfield, hosted the first Formula One race in 1950 but has been regularly criticized by Ecclestone and International Automobile Federation (FIA) president Max Mosley for poor facilities.

"To be safe, to get all the work done, the BRDC should borrow another 40 million (pounds) to add to the 13 million they have left in the kitty. Even then, it is a lot less than other circuits are spending," said Ecclestone.

The Briton said he simply wanted "the Taj Mahal on the Hangar Straight' while Octagon wanted a government subsidy to protect them from losing money on every British grand prix.

"That's it. Full stop. If that all comes forward by the middle of August, no problem, we are in business. We will then give a written undertaking to the British government that we will come here until 2015," he said.

"The BRDC goes on about government funding but there is no government funding at Hockenheim where we are going next week (for the German Grand Prix) and the facilities are a hell of a lot better."