Donington Ventures Leisure Limited who held the lease over Donington Park, the circuit which is meant to be hosting the British Grand Prix for 17 years started from July 2010, has entered administration.
Work has already begun on the circuit to bring it up to F1 standards and the administrators are hopeful that the track will still be able to host F1 races in the future.
“This need not be the end of Formula One racing at Donington,â€ Mr Price from administrators Begbies Traynor explained.
“We are certainly hopeful that a 2011 Grand Prix could take place at the site. “We are looking for a purchaser for the business and the potential opportunity to bring Formula One to this part of the Midlands by funding the work that needs to be carried out to the circuit.
“It still remains a fantastic location – next to an airport and main motorway connections.
“It needs people of vision to get the dream to the starting grid and we would be very interested in talking to interested parties.”