Donington Park taken over by Jonathan Palmer's MotorSport Vision

MSV announced on Thursday morning it had reached an agreement with Donington's current owner, Kevin Wheatcroft, to acquire the circuit business and the lease for the estate for 21 years.

The company's current portfolio of circuits includes Brands Hatch, Oulton Park, Snetterton and Cadwell Park, while its motorsport arm - MSVR - also runs the BRDC British Formula 3 Championship and the British Superbike Championship.

Wheatcroft stepped in to rescue Donington in 2009 after its then leaseholder, Donington Venutres Ltd, collapsed in the wake of a bid to host the British Grand Prix. His father Tom also helped to re-establish the circuit in the 1970s after purchasing the lease.

Palmer, who set up MSV in 2004, said the company planned to further invest in the venue.

"I am thrilled that MSV has now acquired the Donington circuit business," he said.

"Donington has incredible history, being the first permanent road circuit in the country and the only circuit upon which the mighty pre-war Auto Unions and Mercedes Grand Prix cars raced in the 1930s.

"Its modern day existence is purely down to the vision and energy of Tom Wheatcroft, whom I admired enormously.

"Like many circuits in the UK, Donington has had a turbulent time over the last 10 years, though thankfully Kevin Wheatcroft and his team have now recovered the damage done by the previous owner of the business.

"Donington is a good British circuit that deserves further investment, energy and expertise in order to make it truly outstanding, and MSV will provide this.

"We plan a great new era for Donington, with some exciting new events and much enhanced quality of experience for all of its customers, whether spectators, competitors and track day participants, together with even better value."

Wheatcroft added: "I am particularly pleased to have finally done a deal with Jonathan in what is our 40th year since my father reopened the circuit in 1977.

"Since taking the circuit back under my own control in 2009, huge efforts have been made to bring Donington back to the forefront of British Motorsport, not to mention the many millions it's taken to do so.

"It seems very fitting in this celebratory year to hand over Donington's reigns to Jonathan and his expert team, a man whose business model my late father and I have admired for many years.

"I now look forward to watching Donington continue to grow and prosper with fresh investment."

The deal comes in the wake of uncertainty about the future of the British Grand Prix, with current host Silverstone and its owner the British Racing Drivers' Club considering activating a break clause in its contract with Formula One Management.

Donington's managing director Christopher Tate previously said the Leicestershire circuit had no interest in running the British Grand Prix.