The BRDC wants to lease the British Grand Prix circuit to developer St Modwen for 150 years.
But opposition was so strong that BRDC chairman Stuart Rolt told members the scheme has no hope of success, reports BBC Sport.
Silverstone's immediate future was secured in December 2004, when a five-year deal was agreed with F1 supremo Bernie Ecclestone.
But the Northamptonshire circuit is badly in need of a revamp, after criticism of its ageing facilities.
To help pay for a £600million redevelopment, the board had proposed leasing the facility to St Modwen Properties in a deal that would have included building a luxury hotel and houses.
Northern Racing, a company that controls nine British horse racing venues, would have become the circuit operators.
