Last week, Formula 1 owner Bernie Ecclestone announced a deal had been struck to hand the contract to hold the British Grand Prix to Donington, in Derbyshire, from 2010.

Financial experts in Northamptonshire have claimed the move will see £40m a year lost from the county's economy and thousands of jobs put at threat.

But Alfred Buller, the owner of the Rockingham race circuit near Corby said Silverstone's owners, the British Racing Drivers Club (BRDC), were not to blame, instead arguing Northampton's apathy had led to the loss of the race.

He said: "It's not the BRDC's fault, it's Northampton's.

"People should be in tears after losing this race, but they won't appreciate it until they've lost it."

Last week's British Grand Prix has been named one of the best in decades by racing pundits following Lewis Hamilton's dramatic win in the rain.

The success of the event, which was the first ever three-day sell-out at Silverstone, has led to speculation Mr Ecclestone may rethink his plan to move the race.

The billionaire has denied he could have a change of heart, but Mr Buller said he thought there was still a chance Silverstone could host Formula 1 in 2010.

He said: "The town has got to get behind Silverstone and celebrate the fact we've got Formula 1. We've got to make an effort to really get behind next year's race because I think there's still a chance we can save Formula 1 in Northamptonshire.

"The county certainly can't afford to lose it. The biggest asset Northamptonshire's got is its motorsport.

"The biggest problem at Silverstone has always been a lack of ownership from people in the county. So we've got to show Bernie Ecclestone it's important to us."

Rockingham and Silverstone are part of Northamptonshire's Motorsport Valley, which also includes Santa Pod, Whilton Mill kart circuit and the Northampton International Raceway.

If the Donington deal goes through, Silverstone will host its final Formula 1 race next year.