Donington Park has officially lost the right to host the British Grand Prix according to Bernie Ecclestone.
Failure to meet deadline has cost the circuit
Donington Park has officially lost the right to host the British Grand Prix according to Bernie Ecclestone.
Donington had failed to prove it had the required funding to host the race at the Leicestershire circuit.
Simon Gillett, chief executive of Donington Ventures Leisure Ltd, had signed a 17-year deal with Ecclestone but at the start of October circuit chiefs had issued a last-ditch plea to potential investors to help raise the money required to stage the race.
However, having failed to meet the required deadlines to prove they had the money in place, Donington will now not hold the race, due to be held on July 11.
Ecclestone said: "There's no Donington. They've missed the deadline which we kept extending for them.
Trouble
"It's unfortunate for them. It was the credit crunch that caused them to be in trouble - because their intentions were good, that's for sure."
Silverstone are now in pole position to host the race, 18 months after they stalled on a deal with Ecclestone.
Silverstone Holdings were willing to pay the £12million annual asking price to host the Grand Prix; however they were believed to be unhappy at the seven per cent yearly increase clause.
"We're talking. A deal can be done if they want to," added Ecclestone, who when asked if there was a difference of opinion over the details said: "There isn't actually. As far as I'm concerned, no problems."
Institution
Meanwhile, Business Secretary Lord Mandelson has stressed to Ecclestone the significance of the race and said he was assured that "everything possible" was being done to retain it on the calendar.
Lord Mandelson said: "I phoned Bernie Ecclestone this afternoon and I stressed to him the importance of Formula One and the British Grand Prix to the UK.
"This is a very British institution and every effort must be made to keep the race in the UK.
"Losing it would be a body blow to UK sport, the teams, and the fans.
"Bernie reassured me he was doing everything possible to maintain the British Grand Prix in the UK."
