No buyer for Donington lease
Added on Friday, January 1st, 2010 by Carole Nash Editor | No Comments
Donington is currently un-raceable after development work stalled.
Administrators have confirmed that they have failed to find a buyer for Donington Park circuit, despite offers from “a number” of interested parties.
Donington Ventures Leisure Limited, who held the 150-year lease to the East Midlands circuit, went into administration in November with debts of around £20m after a failed attempt to attract Formula One racing to the circuit.
But despite some interest in taking on the lease, the administrator has admitted defeat and handed the lease back to the Wheatcroft family, the owners of the complex, who will now decide its future.
“We have not managed to sell the lease and we have handed it back to the landlords,” said Nigel Price, a partner at administrators Begbies Traynor. “Although there have been many interested parties and detailed and lengthy negotiations, ultimately it has not been possible to do a deal.”
He added: “DVLL had a 17-year contract with Formula One Administration to host the British Grand Prix round of the Formula One World Motor Racing Championship but this was finally lost at the end of November and some parties withdrew. However, there was still serious interest in the circuit as a national track, although the onerous terms of the lease meant that a deal could not be done in the relatively short timescale available to us.”
The circuits problems arose when DVLL failed to attract the investment required to fund redevelopments to the circuit that would have made it suitable for F1. Work that had previously been carried out at the circuit has been halted, rendering the circuit unusable.
In December, organisers of the British Superbike Championship announced that they would not be racing at Donington Park in 2010. The World Superbike Championship, which is scheduled to come to Donington in August, is yet to make an announcement on the future of the British round.
Loading ...
No Comments