Donington Park chiefs today effectively issued a last-ditch plea to potential investors to help raise the money required to stage the British Grand Prix.

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 tomorrow, 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 told Press Association Sport: "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."