Last week, only days after Bernie Ecclestone warned the Leicestershire based track that their contract is in danger of being terminated unless they come up with a decent financial scheme to secure the hosting of the British GP, Gillett issued a media statement in which he announced the circuit's high-risk loans funding scheme for 2009.
However, according to reports coming from the Guardian, the Telegraph and the UK Express, as well as Formula One broadcaster for the UK BBC (via their radio station), that scheme has now been withdrawn.
“Bankers appear to have abandoned the initiative due to lack of interest from the world's major financial institutions," said the Guardian, while the Express revealed that Gillett was defeated in bringing F1 to Donington for the second time in history “Gillett ... has tried everything to find the money but today he will have to admit defeat.”
Although a statement is yet to be issued by either the Formula One Management (FOM) or Donington Park, it is believed that there is now no chance whatsoever that the British Grand Prix may switch to the aforementioned circuit. Under the circumstances, Silverstone will more likely take over for another year, while Ecclestone is yet to consider the options from 2011 onwards.