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The financial viability of any redevelopment depends on the amount of extra revenue you expect a major overhaul of the circuit to bring in. If the likelihood of securing a major event, or getting more people in through the gate is not greatly increased, then it's probably not worth redeveloping at all...
I would have thought a greater issue with this is the fact that the circuit doesn't own the land you're expanding onto, and buying it, particularly the land occupied by the road is going to be difficult, if not impossible. Why are the authorities going to want to let you dig up or move a perfectly good road?
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