“Of course we would have been more confident of being able to do this twelve months ago, but the project has a lot going for it. Formula 1 remains a huge draw, and the Lewis Hamilton effect is very positive. Whether it all stacks up to deliver the kind of financing we need is uncertain, but we would not be devoting the time we are to putting this package together if we were not confident that we can deliver.”

There are also concerns regarding access to the track, with DVLL chief executive Simon Gillett declaring his intention to make the race a public transport-only event, by dint of a park-and-ride scheme for the majority of the predicted 80,000-100,000 ticket-holders. The nearby East Midlands Airport has also insisted that it will not be able to manage the quantity of helicopter traffic expected over the grand prix weekend.

What's more, there are local fears about the potential for congestion in nearby villages Melbourne, Aston, Weston, Kings Newton and Barrow, as well as damage to the 13th century Swarkestone Bridge.

“This proposed development is a matter of great concern to my constituents,” councillor John Harrison, who represents Melbourne and Kings Newton, is quoted as having said by the Derby Evening Telegraph. “All of these villages are apprehensive about what this is going to mean for them.

“I believe the good people of South Derbyshire deserve the courtesy of a consultation on transport matters which could have a serious adverse impact on their lives.”

South Derbyshire District Council's environment and development committee has nevertheless given its backing to the plans, with calls for noise-monitoring equipment to be installed in villages near the track.

Following delays in planning permission for the project, North West Leicestershire District Council is set to finally give the green light tomorrow (Thursday). That means that at best Donington will have just 18 months to complete the re-development.

It is also believed that there will likely be a number of conditions attached to any ratification, including no more than 40 motor racing days to be held per year, temporary grandstands during the summer months only and on-site parking during F1 events to be restricted to disabled visitors, VIPs and campers.

Software entrepreneur Gillett's business partners include Monaco-based property developer Paul White – whose company Revelan Estates has significant assets in the Midlands – and chartered surveyor Nicholas Megyesi Schwartzand James Gallon, said to be a key financial advisor. Operating officer Lee Gill left DVLL back in September, with experienced F1 PR advisors Sadhu and Simon having similarly departed the scene since the British Grand Prix deal was done.

Gillett purchased the 100-acre Donington site for £30 million on a 150-year lease from Tom Wheatcroft just under two years ago, and is positive the necessary work can all be completed within just nine months.

“I don't have to convince people,” he asserted. “I'll convince them by building it.”