Talks are expected to continue today as a solution is sought to ensure the future of the British Grand Prix.

The deadline for Donington Park to prove it had the funding needed to stage next year's event passed yesterday. Donington Ventures Leisure Limited, run by chief executive Simon Gillett, failed with a late bid to raise the £135million needed to redevelop the circuit.

It leaves Formule One supremo Bernie Ecclestone with two options. Either the 78-year-old steps in to save Donington by putting up the money himself or, as is more likely, he will thrash out a deal with Silverstone, the home of the race for the last 23 years.

However, Damon Hill, president of the British Racing Drivers' Club who own Silverstone, has stated the circuit is only interested in a similar 17-year contract to Donington, not for just the one year should Gillett continue to try to find the necessary funds.

If no solution is found, it will mean the country will have no race despite first staging the event in 1950.