DONINGTON PARK’S hopes of staging next year’s British Grand Prix appear to have finally collapsed.
Circuit chiefs issued a last-ditch plea 10 days ago to potential investors to help raise the money required to stage the race, due to be held on July 11.
Donington Holdings PLC, the parent company of Donington Ventures Leisure Limited run by CEO Simon Gillett, said they were looking to secure £135million through the issue of high-yield bonds.
It has now been suggested the bond issue has now been withdrawn due to lack of interest from the world’s major financial institutions.
The news comes ahead of the last and final deadline imposed by Bernie Ecclestone, who found Gillett in breach of contract early last week, which is due to expire today.
As per clauses in the 17-year deal agreed between the two men in July of last year, Gillett was told he had until today to find the money needed to redevelop the circuit, or lose the grand prix.
The withdrawal of the bond would appear to leave Gillett’s dream in tatters, and now one of two options lies open to Ecclestone.
Either the 78-year-old steps in to save Donington by putting up the money himself or, as is more likely, he will thrash out a deal with Silverstone, the home of the race for the last 23 years.
