John
10-23-2009, 07:24 AM
Nine days ago circuit chiefs issued a last-ditch plea to potential investors to help raise the money required to stage the race, due to be held on July 11.
Donington Holdings PLC, the parent company of Donington Ventures Leisure Limited run by CEO Simon Gillett, said they were looking to secure £135 million through the issue of high-yield bonds.
But according to reports, it has been suggested the bond issue has now been withdrawn due to lack of interest from the world's major financial institutions.
The news comes ahead of the last and final deadline imposed by Formula One supremo Bernie Ecclestone, who found Gillett in breach of contract early last week, which is due to expire tomorrow.
As per clauses in the 17-year deal agreed between the two men in July of last year, Gillett was told he had until Saturday 24 Oct to find the money needed to redevelop the circuit, or lose the grand prix.
Donington Holdings PLC, the parent company of Donington Ventures Leisure Limited run by CEO Simon Gillett, said they were looking to secure £135 million through the issue of high-yield bonds.
But according to reports, it has been suggested the bond issue has now been withdrawn due to lack of interest from the world's major financial institutions.
The news comes ahead of the last and final deadline imposed by Formula One supremo Bernie Ecclestone, who found Gillett in breach of contract early last week, which is due to expire tomorrow.
As per clauses in the 17-year deal agreed between the two men in July of last year, Gillett was told he had until Saturday 24 Oct to find the money needed to redevelop the circuit, or lose the grand prix.