British GP to be held at Donington

[bjohnsonsmith]

Originally Posted by rbs

If BE really wanted a GP at Donington Park, surely he would have just given SG the required funds and told him to get on with it.

Bernie would never dip into his own pockets, it's not how he works. He gets others to pay him to hold GPs thus maximising his profits and his control.

[Marbot]

Originally Posted by strider

If they're offered a 17-year contract on reasonable terms I'm sure they will move heaven and earth to get the job done and they're starting from a much better base than Gillett.

Sky News has quoted Bernie as saying: "Silverstone will have the opportunity of exactly the same contract as Donington".

[JeremySmith]

Bernie....You are SOOL mate on this one, better to get on with it now..

The British Grand Prix to remain at Silverstone...The home of the British Grand Prix..





Next...

[grantp]

Originally Posted by Marbot

Sky News has quoted Bernie as saying: "Silverstone will have the opportunity of exactly the same contract as Donington".

Does that mean they will have to pay more than they did previously to get a 17 year deal?

[werner]

Originally Posted by Last2LiftOff

"Two week extension." "Two week default notice."

Other than Silverstone...what other venues in the UK would have the capacity to host the GP by 2010?

Rockingham maybe? lots of grandstands, with a great view on the track for everybody. But it is a bit to twisty and featureless to really suit F1 I think (Although turn 1 would be great to watch)

[stroller]

"Rockingham maybe?"

Unfortunately – One road in – One road out ! –Anyone know what’s happening to the half finished dual carriageway that stops just outside the paddock tunnel?

Also paddock facilities nowhere near adequate to take Grand Prix organisation & backup (hospitality etc) plus support races.

[Peter Mallett]

Autosport reports that Donington has unveiled funding plans.

http://www.autosport.com/news/report.php/id/79420

Forgive me but this looks like a kind of rights issue whereby investors buy up shares on a fixed period deal. If so then the immediate funding is not in place and this could be interpretted as an admission that they can't remedy the breach without the funds.

[Marbot]

Gillett unveils Donington funding plans.

http://www.autosport.com/news/report.php/id/79420

Also.

[touringlegend]

I didn't understand a word of Donington's statement.

[stroller]

Originally Posted by touringlegend

I didn't understand a word of Donington's statement.

If Bu***it was music they would have a Brass Band as the saying goes

[VIVA GT]

Originally Posted by touringlegend

I didn't understand a word of Donington's statement.

Nope, me neither. I think they just used one of those 'Random Word Creation' programs, switched into 'Legalese' mode.

[Marbot]

I think it means: WE'RE ****ED!

[crmalcolm]

Could be wrong, but I interpret the statement along the lines of;

Donington want people to invest in the redevelopment by buying 'notes'.
If the company falls into debt, these 'notes' will be the first debt to be repaid.
If investors do not take up the additional 'warrants' alongside the 'notes', then they may also be liable for any additional funding required to complete the project.

In essence - 'lend us some money, and if it all goes wrong we'll pay you back first. If we need more money, and you haven't taken protection, we'll be calling you first for more money.'

[Stephen Green]

Can we PLEASE stop dodging the autocensor before I get the big stick out!

[Marbot]

Originally Posted by Stephen Green

Can we PLEASE stop dodging the autocensor before I get the big stick out!

OOPS! I think that's what it means though.

[Marbot]

Originally Posted by crmalcolm

In essence - 'lend us some money, and if it all goes wrong we'll pay you back first. If we need more money, and you haven't taken protection, we'll be calling you first for more money.'

It's a cry for help.

[Last2LiftOff]

Originally Posted by Stephen Green

Can we PLEASE stop dodging the autocensor before I get the big stick out!

Finally...a different point of view.

[Dave 455]

The terms and conditions of the warrants and notes are here : -

http://www.donington-park.co.uk/corp...s?news_id=1093

[Marbot]

"This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons".

Are you a "relevant" person?

[Peter Mallett]

If they've got any sense the

relevant persons

will realise that there's no chance of completing the work therefore the 2010 GP has already defaulted.

[Dave 455]

Also the re-build was going to cost £80,000,000 two weeks ago but now it is going to cost £135,000,000?

[davyboy]

Originally Posted by Peter Mallett

Autosport reports that Donington has unveiled funding plans.

http://www.autosport.com/news/report.php/id/79420

Forgive me but this looks like a kind of rights issue whereby investors buy up shares on a fixed period deal. If so then the immediate funding is not in place and this could be interpretted as an admission that they can't remedy the breach without the funds.

You're right Peter... its a load of rubbish. Issuing loan notes is a million miles away from having them taken up. What Donington Holdings Plc are doing is sending a begging bowl around to various people in the form of a confidential memorandum asking them if they will lend them money. They're hoping that they will be lent adequate funds to complete the re-development of the circuit. The question now is whether an attempt to secure the funds is enough to remedy the breach of contract with Bernie... or whether evidence of the funds in place is necessary. I would hazzard a guess that its the latter.

[mattt]

Originally Posted by werner

Rockingham Maybe

Originally Posted by stroller

Unfortunately – One road in – One road out ! –Anyone know what’s happening to the half finished dual carriageway that stops just outside the paddock tunnel?

Also paddock facilities nowhere near adequate to take Grand Prix organisation & backup (hospitality etc) plus support races.

The dual carriageway was used at the BTCC meeting as an entry and exit for the circuit giving a second exit.

Also the pit garages wouldnt be suitable for F1 as they are open plan.

Also practicality wise F1 would have a problem with getting all of the VIPs of the grid.

But after all of that it would be awesome to watch them go through turn 1 as you said.

[davyboy]

Given that holding the British GP in Donington is looking precarious to say the least... what will be the outcome for Donington if the GP reverts to Silverstone for 17 years ? At the moment the venue's a building site and cannot be used for anything without the significant investment required to turn it into a GP circuit... in other words, it would appear to have gone too far to be reinstated to what it was.

[strider]

Simon Gillett’s Donington Ventures group has gone on a last chance dash to the City to try to raise £135 million to save its British Grand Prix deal.

As the article makes clear, this is a very high-risk deal and I doubt very much that anyone will touch it given a) Gillett's record to date, b) the very short time frame and c) the general uncertainty involved.

Please, Mr Ecclestone, finish this soon and let Silverstone have the race back for the foreseeable future.