Ecclestone gives Donington more time

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Gillett, the CEO of Donington Ventures Leisure Ltd, is understood to be in breach of contract with Formula One supremo Ecclestone as three deadlines over the past two weeks have all come and gone.

Gillett and Ecclestone met on Monday and Gillett revealed: "We can confirm that Donington Ventures Leisure Limited has another two weeks from today (Monday) to further demonstrate our credentials for hosting the British Grand Prix and to provide full information regarding our financial backing and construction timescales."

He added: "We have made great strides in recent weeks and greatly appreciate the additional time allowed to us to finalise the information for public distribution in what has been a much more difficult than anticipated economic climate.

"We appreciate the British public's growing frustration with regard to uncertainty that has been cast over the country's largest and most successful motorsport event.

"But we remain committed to delivering on the promises we made at the start of this process and have the interests of the sport and its fans at heart."

With just eight months to go before Donington is due to stage the race, time is fast running out on Gillett to carry out the multi-million pound upgrade required to turn the venue into a F1-ready circuit.

After acquiring a 17-year contract from Ecclestone in a shock coup last year, Gillett has since been plagued with financial problems, with the latest believed to surround backers Citigroup.