British Business Secretary Peter Mandelson on Sunday urged motor racing chief Bernie Ecclestone to safeguard the future of the British Grand Prix, but said no state funds would be used to broker a deal.
Silverstone is back in pole position to host the 2010 race after rival circuit Donington missed a final deadline to show that funds for redevelopment were in place.
Ecclestone said on Friday it was now up to Silverstone to prove it could find the 12 million pounds (13.5 million euros, 20 million dollars) to host next year's race.
But Mandelson said he was not prepared to use taxpayers' money to "bail out" such a wealthy sport.
He told BBC radio: "The British Grand Prix is a very important event, it's a much-loved British institution and it's got to continue.
"The whole of motor sport is important, not because of the enjoyment it provides but because it's really important for our economy.
"It contributes getting up to four billion pounds to the economy and if you look at the jobs it creates there are 25,000 engineers involved in this sport in Britain, quite apart from 40,000-odd other jobs, so I have a responsibility to retain it and to support the motor sport industry just as I would any other.
"I'm not in a position to use taxpayers' money to bail out what would be a sort of commercial venture in a very cash-rich sport," he said.
"I can't do that, especially during a recession, but he (Ecclestone) has my backing in what he's trying to do.
"All I would say is come on you guys, get your act together, get your negotiations done and make the British Grand Prix safe."
When asked whether he believed the race would take place at Silverstone next year, Mandelson replied: "If I was a betting man I would say yes."
