DAMON Hill has revealed the future of the British Grand Prix is again "hanging in the balance".

Silverstone's contract to host an event that has been on the Formula One calendar since 1950 expires after the race in 2009.

Beyond that is unclear, especially as traditional European venues face being squeezed out by the number of new countries looking to buy into one of the most globally-recognised sporting brands.

In recent years Malaysia, Bahrain and China have joined F1 supremo Bernie Ecclestone's circus.

Abu Dhabi will host a race from 2009, followed a year later by South Korea, while there is increased talk of a night race to feature in Singapore.

Hill, the 1996 Formula One champion and president of the British Racing Drivers' Club that owns Silverstone, said: "We are going to be negotiating what happens beyond 2009, but I would say it (the future of the race) is hanging in the balance.

"If we did lose it, it would be very difficult to get it back."

One possible solution is for Britain to alternate its place on the calendar with another European circuit.