F1 »

Donington announces funding plans

Donington Park launches a scheme to fund F1 redevelopment for the 2010 British GP
With Bernie Ecclestone having revealed that the venue is now in breach of contract, Donington Park has launched a financial scheme that it hopes will fund the revamp required to host the British Grand Prix from next season.

Ecclestone revealed yesterday [Tuesday] that a reported two week extension for Donington to prove funding in place was actually a two week period for the circuit to resolve a breach of contract that has now occurred as it struggles to find the funding needed for the circuit work thanks to the poor economic climate.

While work has started at Donington, the circuit is still a long way from being in a position to host the event and Ecclestone has warned that if the current issue isn't resolved, then the 17-year deal to host the British GP would be offered to Silverstone instead.

Now Donington has revealed the details of the scheme it hopes it will raise funds, although it remains to be seen if Ecclestone will be satisfied that the work can be done in time for the race.

“Donington Holdings Plc, the parent company of Donington Ventures Leisure Limited that operates the Donington Park motor racing circuit, has launched an offering of £135,000,000 aggregate principal amount of first priority senior secured notes due 2016,” a statement from Donington read. “The Notes are expected to be issued at a discount to the principal amount thereof. Purchasers of Notes will also be able to subscribe for warrants for no additional consideration.


“The offering of the Notes and the Warrants is being made solely by means of a confidential offering memorandum. The net proceeds of the offering of Notes, together with a concurrent offering of preference shares, will be used in large part to fund the redevelopment of Donington Park in preparation for the hosting of the Formula One British Grand Prix in 2010.”



Related Pictures

Click on relevant pic to enlarge
Artists impression of the new Donington Park pits [Pic credit: Donington Park]
Nobuharu Matsushita, ART Grand Prix, Sauber, F1 [Credit: Honda Racing]
Singapore Grand Prix
Silverstone Wing
F1 paddock at Silverstone
Marshals at the British Grand Prix
Marshals at the British Grand Prix
Marshals at the British Grand Prix
Marshals at the British Grand Prix
Fans at the British Grand Prix
Fans at the British Grand Prix
Fans at the British Grand Prix
Fans at the British Grand Prix
Fans at the British Grand Prix
Fans at the British Grand Prix
Fans at the British Grand Prix
Fans watching the F1 cars at the British Grand Prix
Crowds at the British GP

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.




© 1999 - 2017 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.