The future of the British Grand Prix has today been secured in a new 10-year agreement between Donington Ventures Leisure Limited and Formula One Management Limited. The 2010 F1 British Grand Prix at Donington Park will see the pinnacle of motor racing return to the iconic East Midlands circuit after a 17-year absence when it last hosted the Grand Prix of Europe in 1993. Circuit owners and joint CEO's, Simon Gillett and Lee Gill made the following statement: "We are naturally delighted and extremely proud to have acquired the rights to bring Formula One back to Donington Park from 2010. At the beginning of last year when we acquired the circuit and its substantial lands, we made clear our commitment towards realising the full potential of the Park by making the necessary investments in current and future events that will see Donington revitalised ensuring its leading position as one of the most iconic racing circuits in the world. To that end, we have now entered a new and exciting chapter in the development of the Park and one that will bring significant investment and regional development while securing the future of one of the most important and significant sporting events in Britain." Donington Ventures Leisure Limited has worked closely with the local and national authorities in consideration of the planning requirements that are necessary to provide a first class facility for the hosting of F1 in 2010.
The details of this and the Donington Park master plan that outlines a 5-year investment programme of some 100m GBP, will be provided at a future date. The investment will be led by a private investor who is also a large shareholder. Today's signing of the contract with Formula One Management Limited brings to an end a period of commercial negotiations, none of which would have been possible without the support of Mr Ecclestone and FOM. However, Donington Ventures are still engaged in negotiations with other important third parties that should be concluded in a matter of days. Only when this is done, will they release further information to the media.