Donington Park’s F1 Dreams, Are Just That - Dreams
Donington Park’s hopes of staging next year’s British Grand Prix appear to have finally collapsed.
Nine days ago circuit chiefs issued a last-ditch plea to potential investors to help raise the money required to stage the race, due to be held on July 11.
Donington Holdings PLC, the parent company of Donington Ventures Leisure Limited run by CEO Simon Gillett, said they were looking to secure £135million through the issue of high-yield bonds.
But according to reports on BBC Radio 5 Live, and quoting unnamed banking sources, it has been suggested the bond issue has now been withdrawn due to lack of interest from the world’s major financial institutions.
The news comes ahead of the last and final deadline imposed by F1 supremo Bernie Ecclestone, who found Gillett in breach of contract early last week, which is due to expire on Saturday.
As per clauses in the 17-year deal agreed between the two men in July of last year, Gillett was told he had until Saturday to find the money needed to redevelop the circuit, or lose the grand prix.
The withdrawal of the bond would appear to leave Gillett’s dream in tatters, and now one of two options lies open to Ecclestone.
Either the 78-year-old steps in to save Donington by putting up the money himself or, as is more likely, he will thrash out a deal with Silverstone, the home of the race for the last 23 years.
However, Damon Hill, president of the British Racing Drivers’ Club which owns Silverstone, has stated the circuit is only interested in a similar 17-year contract to Donington, not for just the one year whilst Gillett continues to try and find the necessary funds.
Ecclestone has already been softening his comments about Silverstone in recent months, perhaps in case this situation arose.
Outside Donington is a very long planning notice listing the work that needs to be done. It includes an entirely new pit complex, medical and media center, as well as grandstands and a widened race track.
The circuit’s website may already tell the truth about the situation. In its “buy tickets” section it lists the forthcoming events for next year - but not the British Grand Prix.
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You omitted a third option. Outer Mongolia is building a Tilke designed track in the hopes of landing a race next year. Or any other number of race ready tracks that are now available, depending on who is willing to cough up the extortionate fee.
Bernie has constantly threatened to pull the British GP and send the date to other countries, but I think they are empty threats. Here’s hoping Damon can extract a reasonable deal and keep the GP where it belongs, at Silverstone.
George, I vote for the Icelandic Grand Prix.
How low will Bernie go on the dollar front before he says no GP?
Good luck to Damon Hill, he may be able to negotiate a long term deal at a fair price, the world financial situation is in his favor. Bernie does not have new host nations beating a path to his door as they were just a short time ago.