British GP to be held at Donington - Page 58

terence · 23 Oct 2009, 06:03 (Ref:2567651)

Is someone going to change the thread title?

Piglet · 23 Oct 2009, 06:11 (Ref:2567653)

Quote:

Originally Posted by terence bower

Is someone going to change the thread title?

Nah...it's a piece of motorsport history

Tim the Grey · 23 Oct 2009, 07:50 (Ref:2567700)

Whither, Donoington, now?

(Cries of SHAME from honourable members...)

Dave 455 · 23 Oct 2009, 08:15 (Ref:2567707)

Given another deadline.

They have until Monday now ! :-

http://www.autosport.com/news/report.php/id/79681

Moneyseeker · 23 Oct 2009, 08:18 (Ref:2567709)

Quote:

Originally Posted by Tim the Grey

Whither, Donoington, now?

(Cries of SHAME from honourable members...)

Donington still prolonging the agony..

http://www.autosport.com/news/report.php/id/79681

"Donington Park says it has until midday on Monday to sort out its financial planning for the British Grand Prix, after confirming efforts to raise a £135 million bond have failed."

and

"Information regarding the circuit's future plans is not yet available, however the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers."

Quite how this can be achieved with the venue dug up and the loss of their major event (Moto GP) is anyone's guess. There must be questions as to who pays to reinstate the circuit (if there is the money to do it) and re-build a race calendar that makes the circuit viable again.

Marbot · 23 Oct 2009, 08:32 (Ref:2567716)

It won't be a great loss.Very few of us could spell the circuit name correctly anyway.

numbersix · 23 Oct 2009, 08:49 (Ref:2567728)

Quote:

Originally Posted by Marbot

It won't be a great loss.Very few of us could spell the circuit name correctly anyway.

Most people can't even pronounce Oulton Park correctly!

old man · 23 Oct 2009, 09:03 (Ref:2567738)

The actual freehold of the venue is still held by the Wheatcroft family surely? The dispute they had earlier this year was about unpaid rent and in these circumstances I cannot see Gillett being up to date with his payments given that the banks will have charged him fat fees for handling the failed bond offer.

Depending on the terms of the settlement agreed after that dispute the next likely move on Tuesday will be action from the landlords to recover any money owed and failing that they take over control again. A new leaseholder will be sought to get the facility up and running again in its old form.

I have not been to look but what is actually required for a race meeting to run? Is the circuit itself still intact or dug up at some point?

Anybody fancy leasing a race circuit? I would bet you could do a good deal now

stroller · 23 Oct 2009, 09:14 (Ref:2567747)

Quote from the Autosport article

"The news dealt an unexpected blow to staff and management at the circuit,"

Marbot · 23 Oct 2009, 09:19 (Ref:2567752)

Quote:

Originally Posted by stroller

"The news dealt an unexpected blow to staff and management at the circuit,"

Obviously the sort of people that drive their car down a railway line and then expect the train to swerve out of the way.

Dave 455 · 23 Oct 2009, 09:28 (Ref:2567758)

Quote from the Autosport Article : -

"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline."

JeremySmith · 23 Oct 2009, 09:32 (Ref:2567762)

Simon Gillett...

stroller · 23 Oct 2009, 09:35 (Ref:2567765)

Quote:

Originally Posted by Dave 455

Quote from the Autosport Article : -

"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline."

I think it means they had two enquiries instead of one !

Moneyseeker · 23 Oct 2009, 10:10 (Ref:2567781)

Quote:

Originally Posted by old man

The actual freehold of the venue is still held by the Wheatcroft family surely? The dispute they had earlier this year was about unpaid rent and in these circumstances I cannot see Gillett being up to date with his payments given that the banks will have charged him fat fees for handling the failed bond offer.

Depending on the terms of the settlement agreed after that dispute the next likely move on Tuesday will be action from the landlords to recover any money owed and failing that they take over control again. A new leaseholder will be sought to get the facility up and running again in its old form.

I have not been to look but what is actually required for a race meeting to run? Is the circuit itself still intact or dug up at some point?

Anybody fancy leasing a race circuit? I would bet you could do a good deal now

The problem is that whoever assumes control of the circuit will have substantial costs to bear to re-instate, against a backdrop of a much weaker calendar. In the pursuit of the big prize Donington firmly placed all the eggs into one basket. Really it's a bit like buying a half done classic car restoration when you are not sure what you will be left with when it's done.

Marbot · 23 Oct 2009, 10:20 (Ref:2567785)

I can see Redgate corner being replaced by 'Redgate Square',Craner curves being replaced by 'Craner Rise' with maybe 'Starkey's Close','Melbourne Mews' and 'Goddards Green' all putting in an appearance.Although whether or not you want to live bang next to an airport is obviously down to personel preference.

Steven Humphrey · 23 Oct 2009, 10:58 (Ref:2567804)

Does anyone else have a vision of Gillett, a suitcase full of money and a plane ticket to Brazil in his hand or is it just me?

Last2LiftOff · 23 Oct 2009, 11:06 (Ref:2567807)

What time's your flight Arnie?

Greem · 23 Oct 2009, 11:07 (Ref:2567808)

Quote:

Originally Posted by Marbot

I can see Redgate corner being replaced by 'Redgate Square',Craner curves being replaced by 'Craner Rise' with maybe 'Starkey's Close','Melbourne Mews' and 'Goddards Green' all putting in an appearance.Although whether or not you want to live bang next to an airport is obviously down to personel preference.

Nice idea, but I think it would be just a little *too* close to be allowed as a housing development. As far as I am aware there's a restriction on housing developments so close to the end of runways anyway.

Now, another airport business park, that's a different matter...

The thing I find most annoying is the destruction that's already happened

But still, I got to drive round the circuit at the very end of the last meeting before they dug it up, which is something I'll remember for a long time...

Mike E · 23 Oct 2009, 11:15 (Ref:2567813)

A (little) bit more detail from the FT.

http://www.ft.com/cms/s/0/17d272c4-b...nclick_check=1

ascarracinguk · 23 Oct 2009, 11:21 (Ref:2567818)

i think we need to remember, while gillet rents the track, he doesnt own it...so cant sell it. anything done with/on the track has to have permission from tom wheatcroft....so theres no way houses will be built on it.

Piglet · 23 Oct 2009, 11:30 (Ref:2567824)

I do feel sorry for the staff. Most of them have had no involvement with this debacle and are now at risk of ending up out of a job and out of pocket. Inevitable or not, that's not nice for anyone in this climate.

My guess is that the lease reverts to the Wheatcroft company (can't remember what it is called), there will be no money left in DVL so whatever debts are outstanding rent etc. will not be seen. There will then be the issue of the dilapidations at the circuit - presumably there was an obligation to hand it back in at least no worse a condition. If there's no money W will have to whistle for that as well.

They will then either have to stump up themselves to reinstate the circuit so that they can lease it out or they will have to negotiate a lease with enough of a discount or rent free period to fund someone else carrying out the works.

Someone previously mentioned that there was a guarantor for the lease - does anyone know whether that is true - obviously that would change the financial situation if the guarantor is of any value.

foreversideways · 23 Oct 2009, 11:50 (Ref:2567843)

What chance, the Wheatcroft family back into the house building business !!

strider · 23 Oct 2009, 11:55 (Ref:2567848)

Quote:

Originally Posted by Piglet

I do feel sorry for the staff. Most of them have had no involvement with this debacle and are now at risk of ending up out of a job and out of pocket. Inevitable or not, that's not nice for anyone in this climate.

I'll second that. The staff at Donington are a decent bunch and I always looked forward to going there because I knew I would get a friendly welcome and that they would be as helpful as possible.

Even then the amount of rent paid to the Wheatcrofts was regarded as a millstone around the neck of whoever was trying to run the circuit. That problem is not going to go away, unless the Wheatcrofts realise that having some rent is better than receiving none. One of the items to be covered by the failed bond launch was arrears of rent.

m1fcf · 23 Oct 2009, 11:57 (Ref:2567852)

Quote:

Originally Posted by Marbot

I can see Redgate corner being replaced by 'Redgate Square',Craner curves being replaced by 'Craner Rise' with maybe 'Starkey's Close','Melbourne Mews' and 'Goddards Green' all putting in an appearance.Although whether or not you want to live bang next to an airport is obviously down to personel preference.

To be closely followed by the Donnington Park Residents Association who will be campaining about the level of noise coming from the airfield and that they want it closed down.

KA · 23 Oct 2009, 12:51 (Ref:2567902)

This really is a mess- let's just hope that there is a positive outcome in the long run- Bernie does a deal with Silverstone to rescue the British GP, and Donington can somehow be reinstated and back in operation as soon as possible, even if it means writing off the 2010 season there

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