Donington now under threat

Circuit fails to secure funds required for redevelopment

Last updated: 23rd October 2009   Subscribe to RSS Feed

Donington now under threat

Donington Park: uncertain future

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The future of Donington Park and its employees appears to be under threat after the failure of a bond designed to secure the British Grand Prix for the Leicestershire track.

Ten days ago, management issued a high-yield bond scheme as they looked to try and obtain the funds required to redevelop the circuit for the British Grand Prix.

They had hoped to raise a total of £135million to cover their costs, but it has now emerged the scheme has been unsuccessful.

As a result the circuit now seems set to lose its contract to stage the race, thus throwing into doubt its future and that of its staff.

"Donington Ventures Leisure Limited can confirm that a bond for 135 million pounds to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful," read a statement Donington Ventures Leisure

Limited.

"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline.

"The news dealt an unexpected blow to staff and management at the circuit, who still have a deadline of 12pm on Monday 26 October to remedy a breach of contract with Formula One rights holder Bernie Ecclestone, in order to keep any plans for retaining the existing 17-year Formula One contract alive.

"Information regarding the circuit's future plans is not yet available."

It would now appear that circuit chiefs are focusing their attempts on safeguarding the future of the track rather than attempting to salvage the 17-year Formula One contract with Ecclestone.

"However, the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers," added the statement.

It remains to be seen what steps Ecclestone will now take regarding the future of the British Grand Prix - the oldest race in F1 history.

He could intervene and help provide the funds required by Donington, but more likely he will return to try and thrash out a deal with Silverstone - home of the race for the last 23 years.

However, Damon Hill, president of the British Racing Drivers' Club that owns Silverstone, has stated the circuit is only interested in a similar 17-year contract to the one offered to Donington, not for just the one year as a stop-gap.

Comments (11)

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Alan Tompkins says...

Let's face it, Donnington was never going to be ready to host the race and the poison dwarf knew this...just a ploy to scrap the British GP which he has wanted to do ever since he tried to buy of the British Government on Tobacco Sponsorship and was found out buy the press.

Posted 23:49 24th October 2009

Iain Robertson says...

Ecclestone is a greedy selfish loathsome pathetic little bully of a (I hesitate to call him) man. Monza & Monaco enjoy a discounted rate as they are 'traditional races', the first world drivers championship event was at SILVERSTONE in the 50's, the circuit is an integral part of the sports history. All this is about is how many $$$$'s wee bernie can screw out the venue!! not what is best for the sport. I used to be a keen F1 fan but unfortuntately the monopolisation by bernie £ pals has completely ruined it as a sport.

Posted 18:25 24th October 2009

Jason Goddard says...

for god's sake bernie how much money do you really want ! it seems the more you make the more miserable and less patriotic you become . silverstone is the true home of british motorsport , not that s---hole up north that has no character and never will have no matter how much money is spent on it1 . iv'e been to donington and believe me it's a depressing place . iv'e been going to the gp since 1987 and there have been many truly memorable races and incidents and the home crowd are the most knowledgable/patriotic/appreciative and fantastic crowd you will find anywhere in the world(they even give polite and respectful applause to dominant race winning german drivers!). so come on bernie get it sorted with silverstone, because it's the right thing to do, hey you could even put some of your own millions into silverstone and become the circuits promotor , i for one would greatly appreciate the signing of a new prosperous and profitable contract for all , do this bernie and i will take it all back and love you forever!

Posted 18:21 24th October 2009

Dameon Ward says...

Britain needs better circuts have you noticed how great other countrys facilitys are? good on Donnington for trying to create the first international quality circut that we can be proud of!

Posted 11:56 24th October 2009

Mark Forse says...

The Grand Prix should've stayed at Silverstone in the first place. I went this year for the first time since '97. I used to go every year but it became far too expensive. But since I last went the place is totally unrecognisable. All Mr Ecclestone is interested in is making more money, and has held Silverstone to ransom for the best part of a decade. To not have a British GP would be scandalous as the vast majority of F1 personnel are British and it's as much for them as the drivers.

Posted 19:36 23rd October 2009

Chris Bowden says...

Donnington was never going to happen the circuit needed to much work to convert it into a F1 sanctioned venue or that should be an Eccleston one were governments would give his outfit $ millions for the privlige. Silverstone needed upgrading yes but were not going to get Darling giving out handouts, in recent years millions has been spent on the local transport infrastructure. Donnington was terrible at the last Moto GP held there.

Posted 15:00 23rd October 2009

Ben Goddard says...

to be honest, i think ecclestone knew that donnington wouldnt be able to ready itself for a race next year. lets face it, he has been trying to get rid of the british race for a few years now, just so he can take it to ridiculous places such as the middle east, where there is no interest at all in formula one, the people that attend those races fly from all over the world. now mosely has gone its time to ditch the grinch and get someone who really cares for the sport in, rather than someone lining his already gold looking pockets.

Posted 13:59 23rd October 2009

Steve Easton says...

It is about time Bernie woke up to the fact he made the wrong decision to give the British Grand Prix to Donnington and should bring it back to it,s rightful home SILVERSTONE for all time and invest some of his vast fortune in the place to make it the best in the world.

Posted 13:50 23rd October 2009

Karl Dukes says...

So Ecclestone has finally broken the British F1 Dream. After years of slagging of Silverstone (Even after massive improvements to the circuit and road infrastructure) he has set up Donnington as the fall guy of British F1 by offering them a carrot that they could never reach. I love Donnington Park, But F1 belongs at Silverstone. Sort it out NOW Bernie. Get the F1 back to Silverston, or is Brands Hatch your next victim????

Posted 13:28 23rd October 2009

Tony Ward says...

It was never going to happen!! The Grand Prix should have been left at Silverstone all along, the home of British Motor Racing. You only have to listen to the Drivers and the Fans to know, and wasn't last year a sucess!

Posted 13:00 23rd October 2009

Jon O says...

Bernie, pull your finger out and agree terms with Silverstone the home of F1.

Posted 12:35 23rd October 2009
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