Donington launches GP funding scheme

Donington is refusing to give up on hosting next year's British Grand Prix, despite having only 12 more days to rectify a breach of contract. The venue, run by entrepreneur Simon Gillett, has failed to show Bernie Ecclestone the necessary...

Donington is refusing to give up on hosting next year's British Grand Prix, despite having only 12 more days to rectify a breach of contract.

The venue, run by entrepreneur Simon Gillett, has failed to show Bernie Ecclestone the necessary funding for major circuit revisions, making it increasingly likely the F1 chief executive will instead turn his attention to reaching a new deal with existing host Silverstone.

But on Wednesday, two days into the 14 day deadline, Donington revealed a financial scheme with the aim of raising 135m pounds sterling.

A media statement outlined the loans proposal offering to repay investors over a seven year period with an interest rate of 15 per cent.

Donington said the proceeds "will be used in large part to fund the redevelopment of Donington Park in preparation for the hosting of the Formula One British Grand Prix in 2010".

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Series Formula 1