Donington Holdings PLC has announced plans to bring in Sir Rodney Walker as non-executive chairman in an attempt to reassure potential investors who are vital to the venues hopes of staging the British Grand Prix.

The circuit is currently facing a race against time to secure the funds needed to push ahead with its redevelopment, having launched a bond issue last week in an effort to secure ?135 million to carry out the work.

According to the Daily Telegraph, the decision to bring in Walker - who is currently the chairman of Snooker's governing body and is a former chairman of both Brands Hatch Leisuire and Donington Park Estates - was taken after potential investors expressed concern at a lack of credible leadership in the Donington plans.

In a short statement, Donington has now confirmed that Walker is set to formally take up the role of non-executive chairman 'upon the successful completion of Donington's current fund raising process'

"We welcome the appointment of Sir Rodney to the board," CEO Simon Gillett said. "His experience in the stewardship of dynamic growth companies and knowledge of the management of sporting venues and sporting associations will be invaluable. His appointment is the first of a few key executive and non-executive appointments we hope to announce in the coming weeks."

Walker himself said he was pleased to return.

"I welcome this opportunity to return to Donington and support the management team in their strategy to establish Donington as the home of British motorsport," he said. "I look forward to playing my part in the delivery of world-class motorsport facilities at Donington, the new home of the FIA Formula One British Grand Prix for the next seventeen years."

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