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Donington F1 update expected this week

The latest D-Day in the Donington Park F1 saga is expected later this week, with an announcement by DVLL chairman Simon Gillett about whether the necessary funding has been raised
It has been reported that the beleaguered Donington Park could be set to reveal by the end of this week whether the required £135 million has been found that would keep the circuit on-track to host the 2010 British Grand Prix.

Having earlier this week appointed Sir Rodney Walker as the new non-executive chairman – said to be 'the first of a few key appointments we hope to announce' – Simon Gillett's under-fire Donington Ventures Leisure Ltd (DVLL) company now has only days left to secure the remainder of the funding that he needs to honour the 17-year agreement reached with F1 commercial rights-holder Bernie Ecclestone to host the blue riband event on the British motorsport calendar from next season onwards.

On Monday, Gillett met with several prospective investors in a bid to convince them to come on-board and back the ambitious redevelopment project to bring the Leicestershire circuit and its facilities up to the necessary standard to welcome the world's most glamorous sport. The initiative has been dogged by issues ranging from internal strife, safety fears and delays in planning permission to legal threats and financial concerns since the deal with Ecclestone's Formula One Management (FOM) company was struck back in the summer of last year.

According to local newspaper the Derby Evening Telegraph, Gillett is expected to make an announcement on Friday as to whether or not the £135 million total has been reached. It is understood that only £25 million is currently in the bag, but the Englishman has stressed that he is 'optimistic' about being able to make up the shortfall.

Last week, DVLL began selling bonds, which could subsequently be traded in by investors after seven years.

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mudplugger - Unregistered

October 22, 2009 11:19 AM

Roll up Roll up.......... Let me start and end the thread for you. Donington will never find the money, no one will invest, the circuit and facilitys are crap, it should have gone to silverstone, the deadline will be extended, its a set-up, it was never going to happen, there we go i think i have covered all the bases for the negative keyboard monkeys, so no-one need bother to reply to this thread !! sorry i forgot, my name is not simon and my towers not ivory !!

Smokin'Jo. - Unregistered

October 22, 2009 1:43 PM

Mudplugger,Donington is my local track and I have been going there since the first meeting it ran in 1977 after the Wheatcroft takeover.I have become very fond of the track and have many happy memories from my visits there.I am as patriotic as you sound but as seems likely this grand plan falls flat can you explain who will pick up the pieces and restore what is now a brown blob on the landscape and return it to the viable circuit it was until a few weeks ago?Don't go bleating about patriotism,this has been a failed attempt to get rich quick by Mr Gillett which will have left us worse off not better in motorsport terms!

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