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.”
Earlier, Ecclestone claimed that Donington would struggle to hold the grand prix at this late stage even if it raised the funds.
"It's not good, is it?" said Ecclestone. "Even if they get the money, I cannot see how it will all be ready in time to go. It is very disappointing because we thought it would happen, but they cannot go on missing deadlines.
"They could still come to us saying they have the money, but there is no way the circuit would be ready at this late stage. It looks as though we will have to start planning again."