Donington Ventures Leisure Ltd, the company that owns the leasehold of Donington Park, has gone into administration.
The company was plunged into financial difficulty after a final attempt to raise the funding for the track redevelopment works through a bond issue failed last month.
The revamp was required in order for Donington to host the British Grand Prix in 2010, the track having signed a 17-year deal to hold the event.
Corporate recovery company Begbies Traynor is handling the administration process, and is hopeful that DVLL will be bought by a third party with the aim of holding the British Grand Prix in 2011.
"We are certainly hopeful that a 2011 grand prix could take place at the site," Nigel Price, a partner in Begbies Traynor, told autosport.com.
"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."
Donington Park is owned by Wheatcroft & Sons Ltd, the company set up by Tom Wheatcroft, who died earlier this month. If no buyer was found the ownership of the leasehold would return to the company.
DVLL had signed a 150-year lease in 2007.
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Re: Donington enters administration
Hopefully they'll be a clause which states that the contract is invalid if they enter administration. That way it can be resolved quickly and with luck other sporting events at Donnington can be re-arranged and run as they would have been.
But what's happened to Silverstone and the British GP????