Dispute over rent at new British GP site resolved

The doubt over the future of Formula One's British Grand Prix was eased on Friday as Donington Park's leaseholder resolved his dispute with the track's owner.

Donington Ventures Leisure's Simon Gillett reached an out-of-court settlement with Wheatcroft and Son only days before he was due to face legal action over 2.47 million pounds (NZ$6 million) in unpaid rent.

Gillett has a 10-year contract with F1 boss Bernie Ecclestone to host the British GP from next year, taking it away from Silverstone, which has staged the event every year since 1987.

"This is another positive boost for Donington Park," Gillett said. "We were always aware that saving the future of the British Grand Prix was an enormous task, but it is one we are fully committed to and will make happen.

"So far, all of our efforts have been achieved in the face of adversity, and it's reassuring to know the Wheatcroft family shares our vision and passion for British motorsport."

Donington Ventures Leisure signed a 150-year lease with Wheatcroft and Son in January 2007, but is reported to be heavily in debt.

Gillett also faces a more significant battle regarding the multimillion pound improvements necessary for Donington to stage next year's British Grand Prix.

Construction work is reportedly behind schedule, which led to a recent suggestion from Ecclestone that the race will be postponed for a year until 2011.

AP