Donington owner goes into administration
Donington Ventures Leisure Limited (DVLL), the owners of Donington Park, has gone into administration.
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Wednesday, 18, Nov 2009 04:20
By Adam Leveridge.
Donington Ventures Leisure Limited (DVLL), the owners of Donington Park, has gone into administration.
The firm fell into financial turmoil last month while trying to raise funding for the redevelopment of the Leicestershire circuit to make it capable of hosting the British grand prix in 2010, having signed a 17-year deal with commercial rights holders CVC and Bernie Ecclestone.
However, DVLL failed to organise their finances in time and lost the rights to hold the British round of the F1 world championship, with Silverstone now in line to resume responsibility for the event.
Begbies Traynor, a corporate recovery company, is dealing with the administration process and is hopeful Donington will host the British grand prix in 2011.
"We are certainly hopeful that a 2011 grand prix could take place at the site," said Nigel Price, a partner in Begbies Traynor.
"We are looking for a purchaser for the business and the potential opportunity to bring F1 to this part of the Midlands by funding the work that needs to be carried out to the circuit.
"It still remains a fantastic location - next to an airport and main motorway connections.
"It needs people of vision to get the dream to the starting grid and we would be very interested in talking to interested parties."
However, after Donington's deadline passed last month, Ecclestone ruled out any chance of the grand prix being held at the circuit.