Donington Park chief executive Simon Gillett says he is baffled by media reports claiming that Donington Ventures Leisure Ltd had suffered losses of more than ?10 million in 2008 - and run up debts of six time that amount.

A report in Britain's Daily Mail newspaper claimed that accounts lodged with Companies House had shown a loss of ?12.4 million and total debts of ?66.7 million, and questioned whether or not the circuit would be able to push ahead with its plans to host the British GP from next year.

However, Gillett moved to quash any speculation raised by the story by revealing that the financial report for 2008 has yet to be filed, and insisted that the details surrounding the financial package that will pay for the ongoing circuit changes would be made shortly.

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"Our 2008 financial report has not been filed with Companies House, which leaves me confused as to where certain publications have sourced their 'facts' and figures from," he said. "We have always maintained that we will reveal the details of our financial package for the Grand Prix in quarter one of 2009, and true to Donington Park's belief in delivering on promises, we will make this information available at the end of March."

Work on the redevelopment kicked off as soon as planning permission was granted by North West Leicestershire Council last month, and Gillett again reiterated that the circuit would prove its doubters wrong and succeed in becoming the home of the British GP.

"It's business as usual at Donington Park and absolutely nothing has changed," he said. "Work is continuing on site and all of our staff are completely focussed on delivering a full and exciting calendar of events in 2009 ahead of our hosting of the British Formula One Grand Prix in July 2010.

"The planned developments have the potential to put Leicestershire and the rest of the country on the world map for our motorsport facilities and that's something I remain passionate about. It would be easy to roll over and give in when faced with a constant barrage of scepticism and criticism, but that's not my style. If it was, I would never have embarked on this project in the first place.

"Our plans are not dreams, but vision and as somebody once said, "Every great work, every big accomplishment, has been brought into manifestation through holding to the vision, and often just before the big achievement, comes apparent failure and discouragement. We will succeed."