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DVLL admits bond failure

NEWS STORY
23/10/2009

Donington Ventures Leisure Limited has today confirmed that the £135m bond aimed at raising the monies necessary to host the British GP from 2010 has been unsuccessful.

A brief statement issued by the company this morning reads as follows:

"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."

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