Donington plans announced

In the light of recent speculation and criticism, not least from Bernie Ecclestone, Donington has today announced the funding plans that it insists will enable the Midlands circuit to host the British Grand Prix from 2010 onwards.

There has been much talk in the press of Ecclestone looking to Silverstone, the traditional host of the race, to take the fixture back, but Donington boss Simon Gillett insists the circuit will be ready for next year. Furthermore, Silverstone would need to guarantee substantial upgrades itself if Ecclestone were to reinstate the race at the Northamptonshire site, and it remains to be seen where the funding for that venture would come from.

An official statement from Donington read:

"Donington Holdings Plc, the parent company of Donington Ventures Leisure Limited that operates the Donington Park motor racing circuit, has launched an offering of £135,000,000 aggregate principal amount of first priority senior secured notes due 2016.

"The Notes are expected to be issued at a discount to the principal amount thereof. Purchasers of Notes will also be able to subscribe for warrants for no additional consideration.

"The offering of the Notes and the Warrants is being made solely by means of a confidential offering memorandum.

"The net proceeds of the offering of Notes, together with a concurrent offering of preference shares, will be used in large part to fund the redevelopment of Donington Park in preparation for the hosting of the Formula One British Grand Prix in 2010.