The future of Donington Park circuit remains uncertain as the shareholders cannot find buyers for the lease of ‘Donington Ventures Leisure Limited’ (DVLL), which owns the track. The lease has been returned to Wheatcroft and Son, the circuit’s owner, and the staff of the DVLL company have been laid off.<\/p>\n
\u00ab We were unable to sell the lease and have returned it to the owners, \u00bb said Nigel Price, a partner at the shareholder Begbies Traynor. Even though there were many interested parties with lengthy negotiations, it was ultimately impossible to find a deal. \u00bb<\/p>\n
DVLL took on a 150-year (!) lease in 2007 at Donington and then secured a 17-year agreement to host the Formula 1 British Grand Prix. The first event was supposed to take place next season, but the company failed to secure the necessary funding for the massive reorganization of the track. Since then, Bernie Ecclestone announced that Donington missed the deadline to disclose its financing.<\/p>\n
Even though Begbies Traynor initially hoped to find a buyer with the necessary resources to complete the financing and honor the F1 contract from 2010 or 2011, Silverstone will host the race for the next 17 years. This setback might have deterred some potential buyers for DVLL, while others might be interested in investing in this track for a national scope rather than an international one.<\/p>\n
\u00ab The DVLL had signed a 17-year contract with the Formula One Administration (FOA) to host the British Grand Prix, but everything fell through at the end of November when some parties withdrew. However, there was still national interest in the circuit. \u00bb<\/p>\n
\u00ab Thinking of the fans, I am pleased that there is still a British Grand Prix, but I would have liked to see it at Donington. I have a thought for the staff who worked so hard to achieve it. I want to thank everyone for the efforts made by wishing them good luck for the future. \u00bb<\/p>\n
The work at Donington had begun before financial problems appeared. Significant work would now be necessary before the circuit could host races of any kind. The shareholders estimated the commitments that must be made to DVLL at 20 million pounds (more than 22 million euros).<\/p>\n","protected":false},"excerpt":{"rendered":"
The future of Donington Park circuit remains uncertain as the shareholders cannot find buyers for the lease of ‘Donington Ventures Leisure Limited’ (DVLL), which owns the track. The lease has been returned to Wheatcroft and Son, the circuit’s owner, and the staff of the DVLL company have been laid off. \u00ab We were unable to […]<\/p>\n","protected":false},"author":5,"featured_media":42781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,1749],"tags":[231],"class_list":["post-22921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-f1","category-news","tag-donington-park"],"acf":[],"yoast_head":"\n