The lease on the Donington Park circuit has returned to the Wheatcroft family after administrators failed to find a buyer for the 150-year agreement previously in place with Donington Ventures Leisure Limited.
DVLL, headed by Simon Gillett, went into administration having failed in its ambitious plans to take the British Grand Prix to the venue – with the plans ultimately leading to the firm running into serious financial problems.
While administrators Begbies Traynor had hoped to find someone willing to take over the lease, a buyer has not been found and as a result, the lease will revert back to circuit owners the Wheatcroft family.
The fact that the British Grand Prix will now return to Silverstone is believed to have played a part in a buyer failing to be found.
"Although there have been many interested parties and detailed and lengthy negotiations, ultimately it has not been possible to do a deal," said Nigel Price, a partner at Begbies Traynor. "DVLL had a 17-year contract with Formula One Administration to host the British Grand Prix, but this was finally lost at the end of November and some parties withdrew.
"There was still serious interest in the circuit as a national track, although the onerous terms of the lease meant a deal could not be done in the relatively short timescale available to us."
Donington is currently in a state of disrepair due to the work that started on the proposed F1 redevelopment and has lost of number of events from its schedule for 2010, with F1 and MotoGP both heading to Silverstone and the British Superbike Championship also cancelling its proposed race meeting.