Donington Park's future hangs in the balance today after bosses at the circuit revealed their bid to raise £135m to finance the planned track development has failed.
A plan to secure the bond, through City financiers Citibank, and keep hopes of securing a 17-year F1 contract alive needed to come to fruition today but hasn't, and they now have until Monday lunchtime to find the money, or risk being in breach of contract to ringmaster Bernie Ecclestone.
A statement reads: "Donington Ventures Leisure Limited has confirmed that a bond for £135 million to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful. Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline.
"The news dealt an unexpected blow to staff and management at the circuit, who still have a deadline of 12pm on Monday 26 October to remedy a breach of contract with Formula 1 Rights Holder Bernie Ecclestone, in order to keep any plans for retaining the existing 17-year Formula 1 contract alive.
"Information regarding the circuit's future plans is not yet available, however the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers."