Donington bond scheme falls flat


Donington's last real hope of hosting the British Grand Prix from 2010 appears to have failed following the decision to withdraw the proposed 135m bond scheme.

Having given Simon Gillett and his Donington Ventures Leisure outfit a number of deadlines - none of which were met - Bernie Ecclestone gave them a further two weeks, however he was quick to point out that this was nothing more than a legal obligation.

Subsequently, last week, Gillett unveiled his plans for a 135m bond issue, which, he claimed, would mature in 2016, and promised an annual yield of 15%.

Late on Thursday however, the day before the latest deadline runs out, it was revealed that the bond had been withdrawn and with it no doubt Donington's last hope of raising the money needed to fulfil it obligations.

It now remains to be seen whether Ecclestone can agree a deal with Silverstone, with BRDC president Damon Hill insisting that the Northamptonshire circuit will not be used as a stop-gap and that a new long-term contract must be agreed.

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Published: 22/10/2009
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