Donington Park cannot find investors
The tenants of the Donington Park circuit have admitted that their desperate attempts to raise funds to complete the reconstruction of the track and its infrastructure have failed, but they claim the deadline runs until Monday, October 26 at precisely 12 o’clock. The agreement between the company responsible for the remodeling of the circuit, Donington […]
The tenants of the Donington Park circuit have admitted that their desperate attempts to raise funds to complete the reconstruction of the track and its infrastructure have failed, but they claim the deadline runs until Monday, October 26 at precisely 12 o’clock.
The agreement between the company responsible for the remodeling of the circuit, Donington Ventures Leisure Ltd, and the financial group Citi Group has been broken. This seemingly leaves them without hope of raising the necessary funds to pay for the resurfacing of the track as well as the new paddocks and infrastructures required to host the 2010 British Grand Prix.
Although the deadline stipulated in the contract with Bernie Ecclestone’s Formula One Management had been postponed several times, the final deadline was set for Monday, October 12 with an additional 14-day probation period. It is stated in the press release: Donnington Ventures Leisure Ltd is in a position to confirm that negotiations to find 135 million pounds sterling (approximately 147 million euros) to cover the reconstruction costs of Donington Park have failed.
Despite a higher level of interest than expected and initial positive indications, the negotiations launched with Citi Group last week to secure the budget failed before the deadline. The news had a negative effect on the staff and managers at the circuit, but they still have until noon on Monday, October 26, to remedy this breach in the contract with the Formula One rights holder, Bernie Ecclestone.
The statement concludes: «Information regarding future plans for the circuit is not yet available. Our main concern is to safeguard the Leicestershire site and all related parties, which includes staff and suppliers.»
Since Donington Park seems to have finally abandoned any possibility of hosting the 2010 British Grand Prix, it is expected that Bernie Ecclestone will re-sign with Silverstone. Talks between the British Racing Drivers Club, owner of Silverstone, and FOM have intensified as Donington appeared increasingly unable to secure funds.
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