Donington admits bond plan has failed
Donington Park says it has until midday on Monday to sort out its financial planning for the British Grand Prix, after confirming efforts to raise a £135 million bond have failed
Reports emerged last night that its funding scheme had been pulled from banks, as it bids to raises the finances necessary to redevelop the track ahead of next year's British Grand Prix.
The track has already failed to hit a deadline with Bernie Ecclestone, which means it is now effectively in breach of contract. However, the terms of the deal do give the track extra leeway to rectify the breach before the contract is terminated.
That deadline, claims Donington Park, runs out on Monday - leaving track owners less than two working days to try and put a money package together before it loses the British Grand Prix.
In a statement issued on Friday, the track said: "Donington Ventures Leisure Limited can confirm that a bond for £135 million to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful.
"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline.
"The news dealt an unexpected blow to staff and management at the circuit, who still have a deadline of 12pm on Monday 26 October to remedy a breach of contract with Formula 1 Rights Holder Bernie Ecclestone, in order to keep any plans for retaining the existing 17-year Formula 1 contract alive.
"Information regarding the circuit's future plans is not yet available, however the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers."
Silverstone is waiting in the wings and ready to do a deal with Ecclestone to secure the future of the British Grand Prix, with dialogue between the two parties having increased in recent weeks.
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