Donington Park to raise £135m for British Grand Prix bid

Description:

The East Midlands circuit is due to take over as host from Silverstone in a 17-year deal but will lose the race unless it proves it has the funding.

Donington boss Simon Gillett said on Monday he had been given another two weeks to provide financial guarantees. Silverstone is ready to step back in on a new long-term contract.

Formula 1 supremo Bernie Ecclestone denied that giving Donington until 23 October amounts to a new deadline. "We haven't decided to give Gillett another deadline at all. We have informed him he is in breach of contract," he told the Daily Telegraph.

"The contract which we have gives him 14 days to remedy the breach. Most business contracts are like that."

Silverstone is prepared to step in if given a guarantee that the British Grand Prix would remain at the circuit in the long-term.

Source: BBC News