Gillett: Donington GP remains on track

Donington Park CEO Simon Gillett has dismissed reports of a rift between himself and Donington Ventures Leisure Ltd president Tom Wheatcroft, and has reasserted his claims that all of the circuit's preparations for the 2010 British Grand Prix remain on track

Gillett: Donington GP remains on track

A story in today's Telegraph claimed that Gillett had been served a writ by Donington Park founder Wheatcroft over unpaid rent, however Gillett said there was no war between himself and the 85-year-old.

"Far from it," he said. "The Wheatcrofts and I get on incredibly well. Tom is our president, and we are working with them. Tom is as wedded to the success here as we are.

"It's interesting. It's that point in our project where people are looking to make some gain out of what we have. We are on track, we have got the money, we're going forward, and as we've said, at the end of March we'll be coming out and telling you exactly how it is all being done."

Gillett also elaborated on his rebuttal of media reports from earlier this week claiming that DVLL had debts of £66.7 million and made a loss of £12.4 million last year, based on company reports that were said to have been filed at Companies House.

On Monday Gillett denied the claim and questioned where the figures had come from, insisting that the company's reports had not even been filed yet. But speaking at Donington Park today, he said that the figures represented the acquisition costs of the Donington facility.

"What they are reporting is our 2006/7 account," he explained. "When we bought the business, we paid a certain amount of money for the business and in that year we decided that all the acquisition costs, we'd write off in one year. So is it actually a loss? No. It's an accounting treatment; how we treated the acquisition costs of the business in that year.

"Financially, we are where we said we would be. We are in rude health, and we are ready for our financing round coming up at the end of March."

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