Bernie Ecclestone had denied handing Donington Park an extended deadline to prove it has the finances to fund its redevelopment and insisted that circuit boss Simon Gillett is now in breach of contract.

A statement issued by Gillett on Monday following a meeting with F1's commercial rights holder stated that the venue had been given another two weeks to show it has the finances required to carry out the work required to host the British Grand Prix next season.

However, Ecclestone denied that a new deadline was in place and said the 14 days was simply for Gillett to remedy a breach in contract that has now occurred.

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"We haven't decided to give Gillett another deadline at all," Ecclestone told Telegraph Sport. "We have informed him he is in breach of contract. The contract which we have gives him 14 days to remedy the breach. Most business contracts are like that.

"People interpret things the way they want to interpret them. It would be hard if you were standing in a court today arguing what he [Gillett] said was wrong. But he hasn't been given another deadline at all. He has been given, like the contract says, another two weeks to remedy the breach. No deadline has changed."

Ecclestone - who denied that he would invest in the circuit and said he hadn't spoken to Gillett - added that, if the breach isn't resolved within the next fortnight, then Donington's hopes of hosting F1 would be over.

"I've been thinking he's going to come through all the way along because he's sort of led me to believe it's all OK," he said. "But I have no reason to discuss anything with him. He's either going to remedy the breach or he isn't. If he isn't then that's the end of the story. If he is then we're going to have to make sure that he does all the other things that the contract provides for."

Should Donington fail to resolve the breach, then Ecclestone revealed that Silverstone will be offered 'the opportunity of exactly the same contract as Donington'.