British Grand Prix may return to Silverstone
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Bill Jempty | Saturday, October 24, 2009 |
A failed bond issue has clouded the 2010 edition of the race. From AP-
The British Formula One Grand Prix faced an uncertain future on Friday after the failure of a bond to cover the cost of redeveloping the Donington Park circuit.
“Donington Ventures Leisure Limited can confirm that a bond for 135 million pounds [$224.8 million] to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful,” a statement said.
“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. Information regarding the circuit’s future plans is not yet available.”
Formula One head Bernie Ecclestone had given Donington, which has a 17-year contract to host the race from next year, until noon Monday to remedy a breach of contract after repeatedly extending deadlines.
Ecclestone has said that Silverstone, the circuit that put on the first championship race in 1950 but lost the contract after this year’s farewell, will be offered the chance to regain the Grand Prix.
If Donington isn’t available, I’m sure the race will be run at Silverstone instead. Bernie Ecclestone has made it known in the past that the British GP would continue at Silverstone if Donington didn’t get it’s act together.
Along with the Italian Grand Prix, the British GP is the longest continuously staged Formula One race.
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