Donington has confirmed that its bid to raise ?135 million to cover the costs of re-developing the circuit and staging the British F1 Grand Prix from 2010 has been 'unsuccessful'.

A statement issued by track operators, Donington Ventures Leisure Ltd, added that the bond had 'failed to secure enough subscriptions'.

The full blurb read:

"Donington Ventures Leisure Limited can confirm that a bond for ?135 million to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful.

"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline.

"The news dealt an unexpected blow to staff and management at the circuit, who still have a deadline of 12pm on Monday 26 October to remedy a breach of contract with Formula 1 Rights Holder Bernie Ecclestone, in order to keep any plans for retaining the existing 17-year Formula 1 contract alive.

"Information regarding the circuit's future plans is not yet available, however the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers."

Donington has been given numerous extensions to try and raise the necessary funds, after F1 boss, Bernie Ecclestone inked a 17-year deal with the circuit back in July 2008.

Ecclestone is now said to be in talks with Silverstone and it is thought likely the Northamptonshire-based track could fill the void, providing a long-term agreement can be reached.

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