Donington Park's Owners Reach Deal with Leaseholder

There's light at the end of tunnel after all for the British GP, as landowners Wheatcroft & Son Ltd have reached an amicable agreement with Leaseholder Simon Gillett's Donington Ventures Leisure Limited (DVLL).

"This is another positive boost for Donington Park. We were always aware that saving the future of the British Grand Prix was an enormous task, but it is one that we are fully committed to and will make happen,” Gillett was quoted by autosport.com as saying in a statement.

"We have always shared and supported the vision of ensuring that Formula 1 returns to Donington Park and are hopeful that, with the settlement achieved, that vision will be turned into reality. We have always shared and supported the vision of ensuring that Formula 1 returns to Donington Park and are hopeful that, with the settlement achieved, that vision will be turned into reality," Kevin Wheatcroft, the son of track owner Tom Wheatcroft, also said.

British racing fans should be relieved as the prospects of an F1 event were close to inexistent towards the end of April when news that the Wheatcroft family's company was seeking £2.47m in rent arrears and for Donington Ventures Leisure to forfeit its lease on the circuit broke out.

"It is with great reluctance that we have taken this decision. Donington Ventures Leisure Ltd owe us nearly £2.5m in rent dating back to September 2008. Despite receiving numerous reassurances over a number of months they have consistently failed to meet their financial obligations under the terms of the lease,” Kevin Wheatcroft of Wheatcroft & Son said at that time.

At the end of June, the same North West Leicestershire District Council will issue a final verdict on the planning permission for Formula One renovations at Donington Park. If this settlement is final, he still has to meet the F1 deadline for track renovations, imposed by Ecclestone for September this year.