After failing to secure the British Grand Prix for the 2010 Formula One season due to financial concerns, the company that held the lease over the Donington Park motor racing circuit has now entered administration and issued the following statement.....

“The affairs of Donington Ventures Leisure Limited ("DVLL") are being handled by partners Nigel Price, John Kelly and James Martin from the Birmingham office of corporate recovery specialists Begbies Traynor. 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, signed in July 2008. It also had a 150-year lease on the circuit, with landlord, Wheatcroft & Son Limited, signed in January 2007, which also hosts the likes of pop concerts, corporate days and markets as well as motor sport.”

With work already underway in order to develop the circuit to Formula One Grand Prix standard, Mr Price believes that the current situation may not necessarily mean the end of Formula One racing at Donington.

"We are certainly hopeful that a 2011 Grand Prix could take place at the site,” he said. "We are looking for a purchaser for the business and the potential opportunity to bring Formula One to this part of the Midlands by funding the work that needs to be carried out to the circuit. It still remains a fantastic location - next to an airport and main motorway connections. It needs people of vision to get the dream to the starting grid and we would be very interested in talking to interested parties."

Mr Price said Begbies Traynor was still assessing how much was owed to creditors.