Buzzin F1 - Formula One Blog

From 2010, the British Grand Prix will take place at the Donington circuit it has been announced today, after a new ten-year deal has been secured between Donington Ventures Leisure Limited and Formula One Management Limited.

The following statement has been released from circuit owners and joint CEO’s Simon Gillett and Lee Gill,

“We are naturally delighted and extremely proud to have acquired the rights to bring Formula One back to Donington Park from 2010. At the beginning of last year when we acquired the circuit and it’s substantial lands, we made clear our commitment towards realising the full potential of the Park by making the necessary investments in current and future events that will see Donington revitalised ensuring it’s leading position as one of the most iconic racing circuits in the world. To that end, we have now entered a new and exciting chapter in the development of the Park and one that will bring significant investment and regional development while securing the future of one of the most important and significant sporting events in Britain.

Donington Ventures Leisure Limited has worked closely with the local and national authorities in consideration of the planning requirements that are necessary to provide a first class facility for the hosting of F1 in 2010. The details of this and the Donington Park master plan that outlines a 5-year investment programme of some £100m, will be provided at a future date.

The investment will be led by a private investor who is also a large shareholder.

Today’s signing of the contract with Formula One Management Limited brings to an end a period of commercial negotiations, none of which would have been possible without the support of Mr Ecclestone and FOM. However, Donington Ventures are still engaged in negotiations with other important third parties that should be concluded in a matter of days.”

Bernie Ecclestone said in a report,

“Finally the uncertainty is over. A contract has been signed with Donington Park and the future of the British Grand Prix is now secure.

We wanted a world class venue for Formula One in Britain, something that the teams and British F1 fans could be proud of. The major development plans for Donington will give us exactly that. A venue that will put British motor sport back on the map.

I am sorry that we could not have helped Silverstone to raise the money to carry out the circuit improvements and run Formula One. I believe that the government should have supported them which would have cost probably less than .002% of the government’s commitment for the Olympic Games.”

A huge blow for the Silverstone circuit which is owned by the British Racing Drivers’ Club and who will stage their last British Grand Prix in 2009.