Donington chase the money

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Donington Holdings PLC, the parent company of Donington Ventures Leisure Limited run by CEO Simon Gillett, are looking to secure £135million worth of investment through the issue of high-yield bonds.

The chase for the cash is being led by circuit advisors Citibank, who will serve as the lead manager as they seek out the insurance companies and big institutional investors to rescue Donington.

Meetings with investors are due to begin on Thursday, and with the clock ticking as Formula One supremo Bernie Ecclestone declared Gillett in breach of contract on Monday.

As per clauses in the 17-year deal agreed between the two men in July of last year, Gillett was told he had two weeks to find the money needed to redevelop the circuit or lose the grand prix.

Gillett now has until October 26 to find the £135million, the bulk of which will be used to fund the redevelopment of a circuit due to host the British Grand Prix in just eight months' time.

With the financial market still recovering from the global economic crisis, it would appear Gillett is clutching at straws.

However, as one financial analyst said: "Eight months ago the high-yield market was quite a mess, but it has recovered, with other financial markets, in the last four or five months or so, and it's in pretty good condition right now.

"For regular issues in the high-yield market you can turn around bond deals much larger than this in one day. It's not atypical.

"They (Donington) wouldn't go down this route if they didn't think they were able to complete it. Whether it actually comes together or not remains to be seen, but they obviously think they have a decent shot."