Posted on October 23, 2009

Donington Park has exactly 96 hours to save it’s British Grand Prix contract and avoid an expensive lawsuit from Bernie Ecclestone’s company, FOM. Yesterday afternoon, news began to filter out that Citigroup, Donington’s advisers on the £135 million bond issue, had withdrawn the bond. There was interest apparently, but not enough and the two week window for getting the bond away proved to be too short, especially with no pre-publicity. It was a high risk investment, but according to sources in the City there were some investors willing to take the risk. “Donington Ventures Leisure Limited can confirm that a More…

Posted on October 14, 2009

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. The company is basically looking for a 7 year loan of £135 million and is offering to pay 15% interest on investors’ capital, plus a 5% bonus. The offer document says that the money is “to fund redevelopment, repay existing debt, fund working capital, prefund interest on the notes and pay amounts due to the landlord under the lease.” The interest payments Donington would be liable for would be £20 million per More…

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