Donington Hit with Grand Prix Blow

The Donington Park circuit has lost most of its chances of holding the 2002 British Grand Prix after owner Tom Wheatcroft rejected a £25 million offer from American entertainment group SFX.

The Leicestershire track, thought to be in the running to hold the race when Silverstone's contract expires at the end of next year, will also have to fight with the Brands Hatch Leisure Group, who currently holds the contract for the 2002 Grand Prix.

SFX's offer included a £25 million investment to upgrade the track to the modern Formula One standards, but only if their 25-year lease was extended to 50 years by building magnate Wheatcroft, an offer that he considered an insult.

"They gave me an offer, but the offer was not acceptable," Wheatcroft said. "As much as I want the Grand Prix, the offer was an insult, and just before I set off for America, I sent them a fax to say it wasn't acceptable.

"They've come to me and they want a 50-year lease, which I don't blame them for - spending 30-odd million, I'd want the same," he added. "But there is a difference between trying to help somebody and being a charity."

Donington Park held a Formula One race, the European Grand Prix, for the last time in 1993.