Despite Formula 1 supremo Bernie Ecclestone's earnest assurances that the British Grand Prix will take place at Donington Park in 2010 and beyond, it seems all hope may not yet be lost for Silverstone – the race's traditional home.

A shock ten-year deal for Donington to hold the blue riband event on the UK motor racing calendar was announced on the eve of this year's British Grand Prix last Friday [see separate story – click here], but since then there has been much scepticism about how – £100 million investment programme or no – the Leicestershire venue will possibly be ready to host F1 in less than two years' time.

Whilst Donington boss Simon Gillett is adamant the necessary redevelopment and track improvements will be competed in time to bring it up to the required standard – adding that the scale of such work has been somewhat overstated – he has now admitted that the pressure is on.

The circuit has only once previously welcomed the top flight in recent years, when it staged the European Grand Prix in torrential conditions 15 years ago, and you have to go back all the way to pre-World War Two days to find the last time it was home to the British Grand Prix.

“There are no 'get-out' clauses other than the fact we have to be at the suitable standard by that time,” Gillett told BBC Radio Five Live's Sportsweek programme.

“If we're not ready – in the same way that if anybody else wasn't ready – then I'm sure Bernie Ecclestone would look to do something as he cannot jeopardise the grand prix, but as there aren't any other alternatives we will be there in 2010.

“I think everyone will be surprised at how little needs to be done. We have a track that is not far off from being suitable for Formula 1 at the moment – we only ran a grand prix in 1993. We have to build a new pits, paddock and infrastructure.”

Silverstone owners the British Racing Drivers' Club have cast doubt over the announcement, some questioning whether it is merely a case of Ecclestone – who has long been at loggerheads with them over what he deemed to be the below-par state of the circuit's facilities – playing a game of 'smoke-and-mirrors'.

Others have suggested the sport's commercial rights-holder could himself be one of the mystery benefactors, an argument on which Gillett was quick to pour cold water.

“Bernie has not invested,” he insisted. “Some of the rumours of a wonderful fairy godfather out there with a big chequebook are slightly off the mark.

“We are looking to start a fan-based debenture scheme, in much the same way that Wembley and all the major stadiums across the world are looking to use their fan power, and we'll use this to invest and develop the circuit.”