Donington Park has been given a two-week extension by Formula One boss Bernie Ecclestone to prove it has the necessary funds to host next year’s British GP.
Circuit boss Simon Gillett said he was committed to completing the project the time, despite Ecclestone himself expressing severe reservations about the likelihood.
“We can confirm that Donington Ventures Leisure Limited has another two weeks from today to further demonstrate our credentials for hosting the British Formula 1 Grand Prix and to provide full information regarding our financial backing and construction timescales,” said Gillett in a statement.
“We have made great strides in recent weeks and greatly appreciate the additional time allowed to us to finalise the information for public distribution in what has been a much more difficult than anticipated economic climate.
"We appreciate the British public's growing frustration with regard to uncertainty that has been cast over the country's largest and most successful motorsport event, but remain committed to delivering on the promises that we made at the start of this process and have the interests of the sport and its fans at heart.”