Donington bosses promise £100m revamp

The FIA made a shock announcement on Friday that the British GP would be leaving Silverstone after next year's race, following the track's failure to reach agreement with Formula One supremo Bernie Ecclestone on a new deal.

And in a statement issued by Donington Park on Friday, the circuit said funding for the massive redevelopment would be led by a private investor who is also a large shareholder in the company.

Donington Park's owners and joint CEOs, Simon Gillett and Lee Gill said: "We are naturally delighted and extremely proud to have acquired the rights to bring Formula One back to Donington Park from 2010.

"At the beginning of last year when we acquired the circuit and its substantial lands, we made clear our commitment towards realising the full potential of the Park by making the necessary investments in current and future events that will see Donington revitalised, ensuring its leading position as one of the most iconic racing circuits in the world.

"To that end, we have now entered a new and exciting chapter in the development of the Park and one that will bring significant investment and regional development while securing the future of one of the most important and significant sporting events in Britain."

Donington Ventures Leisure Limited say they have already worked closely with local and national authorities ahead of the planning requirements needed for the work on the track.

It has promised to reveal details of its plans at a future date, when negotiations with 'other important third parties' have been concluded.

There are some suggestions that Ecclestone himself could become a promoter of the event.