British MotoGP rights holders the Circuit of Wales have denied Donington Park’s claims of a cash crisis, saying their deal broke down over a disagreement over payment for track upgrades.

The Welsh development have asserted they have sufficient funds to promote and run the event, which is slated for August this year, and intend to go ahead with the event. It is believed bosses are in talks with both Silverstone and Dorna.

After initially agreeing Heads of Terms with the board of DPRL in September 2014, both parties were subsequently unable to agree further terms to form a legal contract,” said a statement.

“Contrary to claims by DPRL that the Circuit of Wales is unable to meet the funding arrangements, we are unwilling to provide the significant funding that DPRL required for the necessary track upgrades to host the British Grand Prix without a signed contractual agreement.

“We have all of the funding necessary in place to promote and host the 2015 race in the UK. All funding for the flagship Circuit of Wales regeneration development in Blaenau Gwent is on track with works due to start later this year following the outcome of the public inquiry in March.

“The Circuit of Wales will continue to promote the British round of the FIM MotoGP World Championship and is fully committed to delivering the event later this year.”