Donington fail again
The British Grand Prix once again looks in doubt. Despite repeated assurances from Donington Ventures Chief Executive Simon Gillett, he has failed to provide the evidence that his company can pay the £120 million needed to host next years Grand Prix. Now I'm no fan of Bernie's rip-off pricing policy or the idea that tracks should have pits that are more architectural landmarks than places for mechanics to work on cars, but bills have to be paid. According to an interview he conducted with the Telegraph, Gillett has 14 days to raise the dosh required.
This revenue was supposed to be raised through a debenture scheme that was apparently considered optimistic even before the credit crunch. Now it seems that the money needed is not forthcoming and Donington Ventures have failed to meet Bernie's final deadline. However, another deadline may be given as Silverstone have said that they won't do a one-off race next year, as making investments in preparing the venue for the race at such short notice, will lead to them making a loss. Plus, it is well known that Mr Ecclestone hates Silverstone and it's owners, the British Racing Drivers Club...
UPDATE: Donington Ventures has just announced that they will be launching a set of high yield bonds in order to raise money. Good luck with that!
