Donington says its F1 bond has failed

The British Formula One Grand Prix faced an uncertain future yesterday after the failure of a bond to cover the cost of re-developing the Donington Park circuit.

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

"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.

"Information regarding the circuit's future plans is not yet available," the statement added.

Formula One supremo Bernie Ecclestone had given Donington, who have a 17-year contract to host the race from next year until noon on Monday to remedy a breach of contract after repeatedly extending deadlines.

The Briton has said that Silverstone, the circuit that put on the first championship race in 1950 but lost the contract after this year's farewell, will be offered the chance to regain the grand prix.

A provisional calendar issued this week by the governing International Automobile Federation (FIA) left a question mark over the July 11 race.

Donington, who have already lost their MotoGP race to Silverstone, had promised to invest £100 million to revamp the circuit over a five-year period.