Walker, who is also a member of the British Racing Drivers Club that own the Northamptonshite track, believes the reason it is being switched to Donington Park in 2010 is "bound to be down to money".

And though there is scepticism that Donington can get their dilapidated track up to scratch in time, Walker feels F1 supremo Bernie Ecclestone and his company Formula One Management will pocket millions of pounds either way.

Walker, 84, said: "I am sad, because as a member of the British Racing Drivers Club and somebody who did his first ever commentary at Silverstone in 1949, it is a very unhappy occasion to see Silverstone losing the Grand Prix, particularly with the announcement being made on Silverstone's 60th birthday.

"Having said that I fear there was always a danger that Silverstone and the British Grand Prix were going to be lost, because for whatever reasons Bernie Ecclestone could not be satisfied by the BRDC.

"Having said that I remain very, very sad that it is not gong to be here at Silverstone."

Walker believes money will be the driving factor behind the new 10-year contract with Donington Park, with £10m talked of as the fee being needed to simply put the Grand Prix on.

Walker added: "It is bound to be down to money in the end, because Silverstone, as I understand, while they can afford the money to effect all the improvements that they were required to make, they could not raise the money to pay the fee to Bernie Ecclestone and Formula One Management to hold the Grand Prix, so to that extent it is down to money."