Whilst details of the modifications are still under discussion, Wheatcroft hinted that new hotels will be built on the site as part of the revamp and insisted that – despite much cynicism in the grand prix paddock to the contrary – the work will be completed on time.

“I'm now looking forward to starting the first bit,” he enthused. “I'm ready to go today. We can't build new pits until we've got a two-way bridge in. Since Donington was built we have never had to alter it at all, but we need to make a few changes, big and small.

“It's like anything – if you do not put enough effort into it, you will not get it done. I think we are going to do it.

“I shall look after everything I can on the circuit itself and I will enjoy it. I can see it all in my mind; the architects just have to do a bit more fiddling about. I've been playing about, sketching here and there. We have to look at exactly where the grandstands will go.

“People were saying how shocked they are, but I laid this on quite a while ago. It's just been a case of dotting the Is and crossing the Ts, then signing the contract. People thought 'well, Donington won't get it'. Now it will have MotoGP and the British Grand Prix – you can't do much better.”

Wheatcroft also spoke candidly about the financing of the plans – based heavily on a debenture scheme similar to that at Wembley Stadium. Debentures are long-term, non-interest-incurring loans usually repayable after a set period of time, with people buying into the scheme enjoying a range of benefits, including first refusal on tickets for events.

He was also more than confident that access to the track – famously difficult, especially as fans try to get out at the end of the day – will not pose any problems.

“We've got a financial man in with quite a lot of money who is keen,” Wheatcroft explained, “but when you set about building hotels and you've got land to rent and sell, well, there are a lot of different ways to raise money.

“We are lucky with the motorways all around us, like the M42 and the M1. It's a little early really to talk about the A453 and what might happen to that.

“Silverstone has got such a wonderful road network – you can get from A-to-B very easily – but that's taken years. At Donington there's a lot less work to do. It's just that difficult bit getting out.”