Donington Park has been handed a further two weeks to prove it has the funding in place to undergo the redevelopment work required to host the British Grand Prix next season.

Following a meeting between F1 commercial rights holder Bernie Ecclestone and circuit boss Simon Gillett, the venue has been given another fortnight to provide financial assurances that it can host the race in 2010 - with Donington having been beset by issues since the announcement was made that the British race would be moving from Silverstone.

"We can confirm that Donington Ventures Leisure Limited has another two weeks from today to further demonstrate our credentials for hosting the British Grand Prix and to provide full information regarding our financial backing and construction timescales," Gillett said. "We have made great strides in recent weeks and greatly appreciate the additional time allowed to us to finalise the information for public distribution in what has been a much more difficult than anticipated economic climate.

"We appreciate the British public's growing frustration with regard to uncertainty that has been cast over the country's largest and most successful motorsport event. But we remain committed to delivering on the promises we made at the start of this process and have the interests of the sport and its fans at heart."

Should Donington fail to provide the assurances needed by Ecclestone, the British race is likely to return to Silverstone but BRDC president Damon Hill warned that the circuit wasn't likely to settle for just a single-year deal if it was to commit to making changes to improve its own facilities.

"I'd like to see an end to the continuing saga of 'is there going to be a British Grand Prix or not?'" he told BBC Radio 5 Live. "I think it's about time that we had a venue that can be developed to provide the best sort of facilities.

"We do lag behind some of the great stadiums we have in this country for football. We want to provide a really great venue for the fans but in order to do that we will need to have the kind of contract which provides enough scope to develop the facility without too much risk to the company going bust."

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