September deadline for Donington
Circuit chiefs at Donington Park have until September to cement a place on the 2010 Formula 1 grid, the sport’s chief executive Bernie Ecclestone says.
The track is expected to be granted council planning permission to commence $150m in necessary upgrades, but the other outstanding consideration is the securing of the actual funding in the midst of a global financial crisis.
“They have a contract with us that I am sure they understand, and I would imagine they have considered the state of the market and have a fall-back position,” Ecclestone, who penned the 10-year contract last July, told the Daily Telegraph.
“I am relying on what they told me they will deliver, and we have a September deadline, from memory, to see that all is as it should be. If it is not then we have four or five venues ready to stage a race,” the British billionaire said.
Andrew Hambel, chief executive of ISG - the company engaged to structure the seat packages for the 2010 race - admits that the world’s current situation is an obstacle for Donington.
“Now is neither the best time to be persuading people to part with money for a new sporting proposition, nor is it the best time to be asking banks to back an offer of this sort,” he acknowledged.
“Whether it all stacks up to deliver the kind of financing we need is uncertain, but we would not be devoting the time we are to putting this package together if we were not confident that we can deliver.”
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Read more: Donington: time to stop the cynicism?
My brainwave is this. I just hope the big wigs at Donigton are talking to A1GP, Indy Cars and Nascar etc, about running “special races” and or even more permanent arrangements, as this will surely help them payback the loans nicely. This is what Silverstone should be or have done.
From what I have seen, both Silverstone and Donington are doing quite well hosting various levels of motor racing and bike racing - although Brands Hatch is doing slightly better with the international races.
Its only Bernie’s demands which are stopping British circuits hosting F1, the likes of DTM, ALMS, FIA GT etc don’t suddenly require improvements to circuits or infrastructure before they race, so why should anywhere put up with Bernie’s nonsense?
I can’t see Donny getting this done in time, global finances are getting worse not better and getting the money will prove problamatic. Is there a possibilty of no British GP 2010??