Troubled East Midlands circuit makes official statement
THE ORGANISATION behind troubled East Midlands motor racing circuit Donington Park has confirmed the group has failed to secure the necessary financial backing to turn the circuit into a recognised Formula One event.
Donington Ventures Leisure Limited released this statement earlier today:
"Donington Ventures Leisure Limited has confirmed that a bond for £135 million to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful. Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline. The news dealt an unexpected blow to staff and management at the circuit, who still have a deadline of 12pm on Monday 26 October to remedy a breach of contract with Formula 1 Rights Holder Bernie Ecclestone, in order to keep any plans for retaining the existing 17-year Formula 1 contract alive."Information regarding the circuit's future plans is not yet available, however the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers."
Posted: 23/10/2009 at 16:49
Posted: 23/10/2009 at 17:38
Posted: 23/10/2009 at 19:35
Posted: 23/10/2009 at 22:32
Posted: 24/10/2009 at 08:34
£5516
£9499
£7999
£5500
