The owner of Donington Park, Donington Ventures Leisure Limited, has been placed into administration. The administrators at Begbies Traynor are now searching for a buyer for the business to revive East Midlands-based Donington Park's chances of hosting the Grand Prix in 2011.
The company had won a 17-year contract to stage the British Grand Prix from Silverstone in July 2008, only to lose it last month after failing to secure the financial support required.
Preparatory work on the circuit for the Grand Prix began in February, but by the end of October Donington had been unable to raise £135m to continue its upgrade.
Motor racing at Donington Park ceased last month so that the venue could be prepared for the next Grand Prix. Part of the track was dug up before the preparations had to stop, leaving the track unusable.
Northamptonshire-based Silverstone has hosted every UK Grand Prix since 1987, and Donington has had just one major race: the European Grand Prix in 1993.
Discussions are to be held with an interested overseas company presently; the administrators would also invite talks with other third parties.
Begbies Traynor is currently working to ascertain how much is owed to Donington's creditors. Recent accounts, filed in February, show a loss of £12.4m last year with debts of £66.7m.
