In a damaging report, auditors inspecting the accounts of Donnington Ventures Leisure Ltd (DVLL) say they remain unconvinced they will have sufficient financial power to stage the race in 17 months.
DVLL were set up 3 years ago by Simon Gillett and Lee Gill, who bought a 150-year lease for the track. In July 2008 they won the rights to host the British GP from Silverstone.
But the project has faced a barrage of negativity with many in the sport openly skeptical of DVLL's ability to win planning permission to develop the track, raise the necessary capital, meet building deadlines and get around transport logistics.
DVLL's detractors were given further ammunition when Gill, was dismissed last autumn. It has since emerged that he is taking his former colleague to the High Court, claiming damages of £150k. Court papers claim he was dismissed without notice by chairman Nick Schwartz, who "verbally terminated" his contract with "immediate effect" on Sept 3 last year.
Planning permission was eventually granted last month prompting. Nevertheless, DVLL's annual accounts just filed, revealing a loss of £12m last year and debts of £67m, are sure to rock the boat. Gillett, their chief executive, is trying to raise funds to finance the £100m project. He has always maintained that he will reveal details in March. He favours a debenture scheme whereby 6,000 or so corporate customers pay £5k each pa. He has until this September to satisfy Ecclestone that plans are on course or risks losing his 10-year contract to stage the race.
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