The charity fund established to support British Formula 4 racer Billy Monger following his life-changing accident at Donington Park last Sunday has now surpassed half-a-million in donations - more double its initial target - in less than 24 hours.

Monger, 17, sustained severe injuries in a high-speed accident at Donington Park after hitting a stationary car, resulting in the amputation of both his lower legs.

A JustGiving page was set up to raise money for Monger by his team, JHR Developments, on Wednesday afternoon, setting an initial target of ?260k.

Thanks to an incredible show of support from the motorsport community and donations from high-profile figures such a Jenson Button, Chip Ganassi and Jose Maria Lopez, this total was surpassed in around six hours, enjoying wide-reach on social media.

As of Thursday morning, the total stands at over ?500k from almost 10,000 donors, including ?15,000 donations from F1 stars Max Verstappen and Jenson Button.

CLICK HERE to donate

British Formula 4 issued an updated statement on Monger's condition on Thursday night, confirming that he remains in a critical but stable condition and remains in an induced coma.

Statement from British Formula 4

Billy Monger is in a critical, but stable condition at Queen's Medical Centre in Nottingham where he is receiving the best medical attention possible. The medical team there are pleased that all Billy's vital signs are showing progress and going in the right direction.

Due to the injuries sustained and despite every effort, Billy has sadly had both lower legs amputated. He has been kept in an induced coma while undergoing surgery, from which he is expected to be woken in the next few days.

Billy's family would like to express their gratitude for the first-class medical attention given by Queen's Medical Centre in Nottingham and take this opportunity to thank the medical teams, marshals, extrication crews and air ambulance staff for their skilled response and hard work.

Furthermore, they would like to thank Billy's colleagues, friends, fans and everyone who has demonstrated their affection for him over the past few days. These messages help give the great strength needed for the recovery process that lies ahead.

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