Donington operator enters administration
Donington Ventures Leisure Limited (DVLL), the operator and leaseholder of Donington Park motor racing venue near Kegworth, Leicestershire, has gone into administration.
The circuit was recently stripped of the right to stage the British Formula One Grand Prix in 2010 after the company failed in a bid to raise £135m to fund a major revamp in preparation for the event.
Construction work has already started on the scheme, which is set to include rebuilding the paddock and pit complex to allow for a three-mile extension of the race track, designed by Formula One circuit architect, Hermann Tilke
Nigel Price, John Kelly and James Martin - partners at the Birmingham office of Begbies Traynor - have now been appointed to oversee the DVLL's affairs, and are confident that Formula One could still be staged at Donington Park.
Price said: "This need not be the end of Formula One racing at Donington. We are certainly hopeful that a 2011 Grand Prix could take place at the site.
"We are looking for a purchaser for the business and the potential opportunity to bring Formula One to this part of the Midlands by funding the work that needs to be carried out to the circuit."
Price added that Begbies Traynor were still examining how much is owed to DVLL's creditors.
Price said: "This need not be the end of Formula One racing at Donington. We are certainly hopeful that a 2011 Grand Prix could take place at the site.
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