F1: Donington's GP Hopes Finally Over

Formula 1

F1: Donington’s GP Hopes Finally Over

Donington's hopes of becoming the new host of the British Grand Prix beginning in 2010 are now over...

SPEED Staff / GMM | Posted October 23, 2009 GMM Newswire

According to a report, administrators of Donington Park have not found a buyer. (Photo: LAT Photographic)

Donington's hopes of becoming the new host of the British Grand Prix beginning in 2010 are now over.

Sources including BBC radio, and newspapers the Guardian, the Telegraph and the UK Express, claimed Friday that the newly launched high-risk loans funding scheme had been withdrawn.

"Bankers appear to have abandoned the initiative due to lack of interest from the world's major financial institutions," said the Guardian.

Later in the day Donington confirmed the news.

Friday was the deadline imposed by Bernie Ecclestone for the circuit, headed by Simon Gillett, to remedy its breach of contract by guaranteeing the funds for its major renovation.

"Gillett ... has tried everything to find the money but today he will have to admit defeat," read the report in the Express.

"Information regarding the circuit's future plans is not yet available," read a media statement.

Ecclestone is likely to now immediately ramp up talks with Silverstone about holding the race there in 2010.

The Northamptonshire venue wants more than a single-year deal, and 78-year-old Ecclestone has indicated that the same 17-year contract will be offered to Silverstone.

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