Donington

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Donington Ventures Limited, the firm that attempted to bring the British Grand Prix to the historic Leicestershire venue, has gone administration.

Businessman Simon Gillett’s company, which held a 150-year lease to operate the Donington Park circuit, last month lost the right to stage the blue-riband British event from 2010 after failing to come up with the required funds.

Its attempts to raise the funding to complete its partly-started redevelopment programme plunged the track operator into financial difficulties, with a last-ditch bid to raise £135m from a bond issue having been dropped.

Donington Park issued a statement on Wednesday afternoon announcing that DVLL had fallen into administration, with its affairs now being handled by corporate recovery specialists Begbies Traynor.

One of the partners at the company charged with overseeing the administration process, Mr Nigel Price, hopes a buyer can be found which would allow the circuit to attempt to hold the British GP in 2011.


"This need not be the end of Formula 1 racing at Donington,” he said.

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Donington Park chief Simon Gillett insists the Leicestershire track's hopes of hosting the 2010 British Grand Prix are still not dead despite his company Donington Ventures Leisure going into administration recently.


Silverstone is now the hot favourite to retain the British round of the world championship as Donington was unable to secure the finance required for its massive redevelopment programme.


Bernie Ecclestone had granted the race to Donington for 17 years from 2010, but the deal was dependent on the circuit receiving substantial - and costly - upgrades.


DVL has a 150-year lease on the track, and its administrators are looking for new buyers to take the project forward.



Gillett is confident that means Donington's F1 dream is not dead yet.


"As Bernie said last week, if someone comes in now and invests in Donington the chance is still there," he told the Guardian newspaper.


"The administrators are working hard and if we had the money we would have the 17-year agreement.


"There are half a dozen people interested at the moment, from different backgrounds, with different ideas and intentions.


"But from a location point of view and a fans' point of view, everything about Donington makes it a viable circuit."


Silverstone chiefs are confident they can pull off a deal with Ecclestone, although their discussions reached a sticking point over money - and Bernie has warned that if a deal is not in place in time for the FIA meeting on 9 December, Britain will lose its race for 2010.


Gillett believes that Donington still has just as much chance of hosting the GP next year as Silverstone.


"As far as I see it there are two tracks competing, so in my mind that makes it 50-50," he said.