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Another Donington deadline - The future of the British Grand Prix continues to be in doubt

Published by Mr. C

Donington Park must prove today that it has the funding in place to host the British Grand Prix in 2010. However, yesterday evening, Radio 5 Live quoted unidentified banking sources suggesting the required bond issue had been withdrawn, likely spelling the end of the road for Donington Ventures Leisure Ltd.

CitiBank were placed in change of selling bond deals worth £135m. It's expected that a statement will be made later today. Questions remain over the future of the British event, however Silverstone announced two days ago that it had made recording profits in 2008 of £662,000 and remains keen to retain the race if a deal can be reached.

Updated: An official statement has now been made:

Donington Ventures Leisure Limited can confirm that a bond for 135 million pounds ($224.8 million) to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful.

Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline.

Updated: Autosport are reporting that Silverstone are undertaking serious discussions with Bernie Ecclestone about the future of the British Grand Prix, whilst Monday afternoon becomes the next deadline in Donington Park's seemingly elastic calendar.