Donington Park fails to raise redevelopment funds

Donington Park looks set to lose the right to host Formula One’s British Grand Prix after it failed to raise funding to redevelop the track.

Donington Ventures Leisure Limited failed to find buyers for seven-year bonds that the company had hoped would generate 135 million pounds ($216 million).

It has until midday Monday (1200 GMT) to meet the deadline set by F1 boss Bernie Ecclestone for executives to prove they have the finances required to upgrade the aged track.

The central England circuit had been set due to take over hosting rights from Silverstone next July in a 17-year deal.

Silverstone has hosted the annual race for 23 years and wants to keep it.