Donington Park still has the potential to host next year's British Grand Prix, according to the circuit's leasing company's chief executive Simon Gillett.

Although Silverstone chiefs claim they are close to agreeing a 10-year staging agreement to host Formula One in this country, Gillett refuses to hoist the white flag with investors interested in his Leicestershire venue.

F1 rights holder Bernie Ecclestone has set a December 9 deadline for a deal to be done for a British race next summer.

Despite the fact that his leasing company are in administration and time being an enemy, however, Gillett believes Donington remains a viable challenger.

Donington Ventures Leisure Limited secured a 17-year contract to host Formula One in July last year but that was later withdrawn following failure to secure the £135million funding required to meet the ambitious redevelopment plans.

"As far as I see it there are two tracks competing, so in my mind that makes it 50-50," Gillett said.

"As Bernie said last week, if someone comes in now and invests in Donington the chance is still there.

"The administrators are working hard and if we had the money we would have the 17-year agreement.

"There are half-a-dozen people interested at the moment, from different backgrounds, with different ideas and intentions.

"But from a location point of view and a fans' point of view, everything about Donington makes it a viable circuit."