Ecclestone issues Donington ultimatum

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phil1993
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Re: Ecclestone issues Donington ultimatum

Post by phil1993 » 13 Oct 2009, 18:07

Spoiler:
Kevin Clark wrote:Formula 1 supremo Bernie Ecclestone has given Donington Park another fortnight to provide financial guarantees it can host the the British Grand Prix.

Bosses of the Leicestershire circuit have yet to show they have the funding in place to redevelop the venue.

http://news.bbc.co.uk/sport1/hi/motorsp ... 300268.stm


O really?

Ecclestone says no new deadline for Donington
the plot thickens...

Formula 1 supremo Bernie Ecclestone has denied having given Donington a further extension to its deadline, and says the circuit's boss Simon Gillett is breaching his contract.

Gillett said in a statement on Monday that the circuit was handed a new two-week deadline extension to prove its credentials to host the 2010 British Grand Prix.

"We can confirm that Donington Ventures Leisure Limited has another two weeks from today to further demonstrate our credentials for hosting the British Formula 1 Grand Prix and to provide full information regarding our financial backing and construction timescales," said Gillett.

Ecclestone, however, made it clear that Gillett has only been given two weeks to solve the contract breach, but that the deadline remained unchanged.

"We haven't decided to give Gillett another deadline at all," Ecclestone told Telegraph Sport. "We have informed him he is in breach of contract. The contract which we have gives him 14 days to remedy the breach. Most business contracts are like that.

"People interpret things the way they want to interpret them. It would be hard if you were standing in a court today arguing what he said was wrong.

"But he hasn't been given another deadline at all. He has been given, like the contract says, another two weeks to remedy the breach. No deadline has changed."

Ecclestone said he had not spoken to Gillett, but the F1 boss emphasised the deal with Donington would be over if Gillett doesn't rectify the situation in two weeks.

"I've been thinking he's going to come through all the way along because he's sort of led me to believe it's all OK," Ecclestone said. "But I have no reason to discuss anything with him. He's either going to remedy the breach or he isn't.

"If he isn't then that's the end of the story. If he is then we're going to have to make sure that he does all the other things that the contract provides for."


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http://www.autosport.com/news/report.php/id/79409

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Re: Ecclestone issues Donington ultimatum

Post by JoostLamers » 16 Oct 2009, 08:50

Another punch in the face for Donington
Spoiler:
Donington's bid to host the 2010 British grand prix received yet another blow on Thursday.

On Wednesday, 12 days before the contract with formula one could be definitively cancelled, the venue revealed a loans investment proposal with the aim of raising the money for renovations to the Leicestershire track.

But the Reuters news agency revealed on Thursday that the financial analysis firm Standard and Poors has issued Donington Holdings a CCC+ credit rating.

According to Standard and Poors' ratings definitions, CCC-rated obligations are "vulnerable to non-payment", with the obliger "not likely to have the capacity to meet its financial commitment" in the event of adverse business.

The Times newspaper all but wrote off Donington's chances of success, referring to a "nation in recession, the markets staggering back to their feet and Donington little more than a motor racing shanty town in a Leicestershire field".

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http://www.f1complete.com/content/view/14837/900/

They just can't pay, welcome back Silverstone :wave:
<<<The flag Lew1s waved at
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Re: Ecclestone issues Donington ultimatum

Post by JoostLamers » 29 Oct 2009, 15:46

JA: Bernie Ecclestone in Abu Dhabi paddock, "There's no Donington. They've missed the deadline". Silverstone talks continue
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Re: Ecclestone issues Donington ultimatum

Post by shailf1 » 29 Oct 2009, 16:51

S mentioned in the BBC website, This leaves Donington with no F1, no MotoGP and a half-built track and no money. Wonder what they will do next. THe wish to host an F1 race cost them very heavy.

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Re: Ecclestone issues Donington ultimatum

Post by KevC » 11 Mar 2010, 19:21

Sadly this is the state of Donington now.


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