Another blow after Donington funding scheme launched

Thu, 15 October 2009, 08:31

Oct.15 (GMM) Donington’s bid to host the 2010 British grand prix received yet another blow on Thursday.

On Wednesday, 12 days before the contract with formula one could be definitively cancelled, the venue revealed a loans investment proposal with the aim of raising the money for renovations to the Leicestershire track.

But the Reuters news agency revealed on Thursday that the financial analysis firm Standard and Poors has issued Donington Holdings a CCC+ credit rating.

According to Standard and Poors’ ratings definitions, CCC-rated obligations are “vulnerable to non-payment”, with the obliger “not likely to have the capacity to meet its financial commitment” in the event of adverse business.

The Times newspaper all but wrote off Donington’s chances of success, referring to a “nation in recession, the markets staggering back to their feet and Donington little more than a motor racing shanty town in a Leicestershire field”.

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