Donington Park, venue for the British MotoGP race since 1987, won the rights to host the British round of the Formula One world championship from 2010 on Friday 4 July 2008.
The 10-year deal was confirmed on the first day of the British F1 GP at Silverstone, and is a massive blow to the Northamptonshire circuit.
Donington last staged a Formula One race in 1993 under the guise of the European GP, and it has won the rights to the British GP having pledged a massive £100m revamp of the circuit over the next five years.
Donington’s contract to host the British MotoGP race with Dorna expires at the end of 2009, but Donington boss Simon Gillett told MCN at last month’s race that the intention was to continue.
Meanwhile Silverstone has been formulating a plan to host the British MotoGP race in the future, and they have submitted plans for a revised circuit layout to the MotoGP Safety Commission.
Speaking about today’s F1 deal, Gillett said: “We are naturally delighted and extremely proud to have acquired the rights to bring Formula One back to Donington Park from 2010.
"At the beginning of last year when we acquired the circuit and its substantial lands, we made clear our commitment towards realising the full potential of the Park by making the necessary investments in current and future events that will see Donington revitalised ensuring its leading position as one of the most iconic racing circuits in the world.
"To that end, we have now entered a new and exciting chapter in the development of the Park and one that will bring significant investment and regional development while securing the future of one of the most important and significant sporting events in Britain.
Should the British MotoGP race continue to be staged at Donington Park then fans will be delighted at the £100m redevelopment plans.
The circuit has been derided for years for poor facilities and access.