There are a few Formule 1 hotels in the area, with rooms from 31€ a night (sleep up to 3), they are quite basic but perfectly OK and will suit 90% of people, especially those on a budget. Nearest one is about 5 miles away.
Beware the Euro tunnel though if you're driving to the event, after last weeks little blaze there is likely to be a restricted service for about 6 weeks.