Audit Reveals Donington’s £66.7m Debt

Further doubts have been cast over Donington Park’s ability to host the British F1 Grand Prix from 2010 after an audit revealed that the racetrack’s operating company holds debts of £66.7m.

A report by independent auditors into Donington Ventures Leisure Limited revealed the financial deficits with the report stating that it was unconvinced that the company had the resource to stage such a high-profile race in 17 months’ time.

DVLL’s annual accounts, just filed at Companies House, revealed a loss of £12.4 m last year and debts of £66.7m.

Donington Park has awarded the rights to host the British Grand Prix in a 10-year deal with Bernie Ecclestone beginning in 2010 after the F1 supremo’s continual dismay at the facilities at current host track Silverstone finally led to a switch.

However the Donington deal was made on the proviso that a £100m upgrade in the facilities at the track was made, the funding for which has yet to be secured although planning permission has been granted.

The track has until this September to satisfy Ecclestone that plans are on course or risk losing the 10-year contract to stage the race.

DVLL were set up three years ago by Simon Gillett and Lee Gill, who bought a 150-year lease for the track in 2007. DVLL’s detractors were given further ammunition when the 48-year old Gill, was dismissed last autumn.

It has since emerged that he is taking his former colleague to the High Court, claiming damages of up to £150,000. Court papers claim he was dismissed without notice by chairman Nick Schwartz, who ‘verbally terminated’ his contract with ‘immediate effect’ on 3rd September last year.

Gillett has always maintained that he will reveal details of the funding for the track at the end of March, but essentially he favours a debenture scheme whereby 6,000 or so corporate customers pay £5,000 each per annum.