Negotiations ongoing for Donington
Race fans will find out if Donington Park is to undergo a multi-million pound facelift by the end of this month.
Negotiations between a consortium looking to buy out the 19-year lease to promote events at the Leicestershire circuit are still ongoing with current rights owners Clear Channel.
The consortium, led by Peterborough-based Radical Motorsports boss Mick Hyde, first confirmed its interest in buying out US TV company Clear Channel last month.
There had been a deadline set for the purchase to be agreed on January 31. Although the consortium is refusing to divulge any details about its plans, it is known that the deadline has been extended for a further month.
The problem is going to be the huge cash outlay required by the consortium to upgrade Donington’s dated facilities, with the pits and paddock, and spectator facilities, all years behind rival circuits around the world.
When former rights owners SFX looked at revamping the circuit a couple of years ago, it was estimated that a minimum of £30m would be required to complete the work.
A source at Donington told MCN: “A deal should be done by the end of February. It is looking about 70-30 in favour of the consortium buying out the lease, but they know there is a lot of work to be done.”
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