Donington 'still in race' for British Grand Prix

Published on Tuesday 24 November 2009 22:59

SIMON Gillett believes Donington maintains a credible threat to Silverstone's hopes of hosting the British Grand Prix next year.

Although Silverstone chiefs claim they are close to agreeing a ten-year staging agreement to host Formula 1 in this country, Gillett – chief executive of Donington Ventures Leisure Limited (DVLL) – insists it remains a tussle between the two circuits.

F1 rights holder Bernie Ecclestone has set a 9 December deadline for a deal to be done for a British race next summer.

Donington's hopes appear all but over with DVLL, the company which leases the Leicestershire circuit, in administration and time running out to find the major investment required to relaunch a challenge.

"There are two people at the table so it's a 50-50," declared Gillett. "I don't know the state of their (Silverstone's] finances, their contractual negotiations or their business plan.

"If you believe what you read they are 99.9 per cent there and ready to sign the deal and everything is in place. We have absolutely everything in place apart from the financing point of view and we are talking to the financiers at the moment."

Half-a-dozen investors are currently weighing up their options with regard to Donington according to Gillett, who secured a 17-year contract to host Formula 1 in July last year only to have the offer withdrawn following failure to secure the 135million funding required to redevelop the site.

"Commercially we had a much better plan and that is why Mr Ecclestone went with us in the first place," Gillett said. "It was a solid plan and had great long-term growth. Unfortunately we caught the credit crunch at the wrong time and the banks closed the doors."

The interested investors have differing views on the business model for the Donington expansion, with its multi-functional use as a concert venue bound to appeal. The clock is also ticking to get the track to international standard should a last-minute challenge ensue. In contrast, if Silverstone do complete a long-term F1 deal, Donington would retain its position as national race circuit.

"We would then run Donington as it has been run for the last 30 years," Gillett added. "We would probably have one or two months' work to get the track back to a national standard or we have got about eight months of work if we want to turn it into a Formula 1 circuit. There are nine months between now and the Grand Prix so, yeah, it would be tight, but it would be achievable."

Northamptonshire's Silverstone also faces a serious facelift in time for 2011. That aside, Gillett believes his circuit holds significant advantages because it has better vantage points for spectators.