British GP track Donington Park declares bankruptcy

It's been one heck of a rollercoaster ride for Donington Park this year. The British racing circuit hosted a Formula One race back in 1993, and was set to take over the British Grand Prix from Silverstone until the race promoter fell on hard times.

Donington Ventures Leisure Ltd signed a 150-year lease with Wheatcroft & Sons Ltd, owners of the circuit just two years ago with the aim of bringing F1 racing back to the track. But having failed to raise the capital necessary to bring the track's facilities up to F1 standards, Autocar reports that the 17-year deal with Bernie Ecclestone's Formula One Management fell into jeopardy.

Its prospects and finances in ruins, Donington Ventures has declared bankruptcy and entered administration. Now the lease could be up for grabs; failing that, it will revert to Wheatcroft ownership, the British Grand Prix will likely return to Silverstone for good and Donington will go back to hosting concerts, touring cars and motorbike races once again.

[Source: Autocar | Image: Pascal Rondeau/Allsport/Getty]