Donington Park may no longer be in the frame to run the British F1 Grand Prix, but three buyers are still vying to take over the Leicestershire circuit, according to reports by the Derby Telegraph.

Indeed despite the inevitable news this week that Silverstone has signed a new agreement to stage the race, having agreed a 17-year deal with F1 boss, Bernie Ecclestone, administrators for Donington remain confident that they will find a buyer.

"Obviously we are disappointed at the news from Silverstone," Nigel Price, a partner at business recovery specialists Begbies Traynor told the 'paper.

"There is a break clause on either side of 10 years, so that closes the door on F1 at Donington in that time scale.

"However, we are still in negotiations with three parties with a view to Donington continuing to operate as a national and club circuit. We are hopeful a deal can be done by the end of this week."

Donington's bid to stage the British F1 Grand Prix collapsed due a lack of funding and while former boss Simon Gillett maintained last month that it could still happen, the dream finally ended on Monday.

Tamsin Jackson, chairwoman of Castle Donington Traders Association and general manager of Donington Manor Hotel was philosophical about the situation and the impact it will have on the local economy.

"It was very good news when everything started off last year and you do get excited, but it would not have been advisable to plan an entire business strategy around one weekend of the year," she said in the same report.

"We are not going to get the same exposure now, but while Castle Donington is a fairly small town, there's an awful lot going on."

Martin Peters, chief executive of Leicester Shire Promotions, which promotes county tourism, echoed those thoughts.

He added that while it was a 'blow', 'the long-term picture for the industry remains very healthy'.

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