The future of the British Grand Prix moved a step closer to being assured on Friday when a dispute between Donington Park's chiefs was resolved on the eve of court action scheduled for next week.
Landowners Wheatcroft & Son Ltd had launched legal action against leaseholder Simon Gillett's Donington Ventures Leisure Limited (DVLL) over £2.47 million of unpaid rent, in a move that threatened the future of the British GP.
But in a statement issued on Friday it was announced that the dispute had been settled - and steps forward were also being made in fulfilling council requirements needed to ensure planning permission was not withdrawn.
Gillett said: "This is another positive boost for Donington Park. We were always aware that saving the future of the British Grand Prix was an enormous task, but it is one that we are fully committed to and will make happen.
"So far, all of our efforts have been achieved in the face of adversity and it's reassuring to know that the Wheatcroft family shares our vision and passion for British motorsport."
Kevin Wheatcroft, the son of track owner Tom Wheatcroft, said: "We are pleased that significant progress has been made in recent weeks and I am delighted that we have now reached an amicable agreement.
"We have always shared and supported the vision of ensuring that Formula 1 returns to Donington Park and are hopeful that, with the settlement achieved, that vision will be turned into reality."
No details were released about the terms of the settlement, but the end of the dispute provides fresh hope that the British GP will remain on the calendar next year.