Oct.23 (GMM) Donington’s hopes of becoming the new host of the British grand prix beginning in 2010 are now over, according to British media reports.
Sources including BBC radio, and newspapers the Guardian, the Telegraph and the UK Express, claim that the newly launched high-risk loans funding scheme has been withdrawn.
“Bankers appear to have abandoned the initiative due to lack of interest from the world’s major financial institutions,” said the Guardian.
Friday is the deadline imposed by Bernie Ecclestone for the circuit, headed by Simon Gillett, to remedy its breach of contract by guaranteeing the funds for its major renovation.
“Gillett … has tried everything to find the money but today he will have to admit defeat,” read the report in the Express.
Donington was not available for comment.
