Donington's bond scheme fails
Donington has until midday on Monday to sort out its financial plans
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Friday, 23, Oct 2009 10:10
By Adam Leveridge.
Donington Park has admitted it has until midday on Monday to complete their financial planning for hosting the British grand prix in 2010 after efforts to raise a £135m bond failed.
Last night, reports suggested that Donington's financial plan for the development of the circuit had been pulled by banks as it attempts to raise the necessary funds to complete site construction.
This has now been confirmed by Donington in an official statement, which reads: "Donington Ventures Leisure Limited can confirm that a bond for £135 million to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful.
"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline."
Donington said that the news dealt an unexpected blow to staff and management at the circuit and that they are still working towards the deadline of midday on Monday to remedy a breach of contract with Bernie Ecclestone in order to retain the rights to the British grand prix.
But Silverstone are apparently is ready and waiting to resume talks with Ecclestone over securing the rights to host the British grand prix in the long term.