The long-term future of the British Grand Prix looks secure after Donington Park owners Wheatcroft & Son Ltd withdrew legal action against leaseholder Simon Gillett.
Wheatcroft & Son Ltd started legal proceedings against Gillett’s Donington Ventures Leisure Limited to recover £2.47million in unpaid rent, and the two parties were set to meet in court this week.
Had Gillett lost the case, his lease could have been revoked, ending any chance of the British Grand Prix remaining on next year’s calender.
But a statement issued by the two parties today confirmed that the issue had been resolved and they were now working towards meeting council requirements to ensure planning permission is not removed.
Gillett said, “We were always aware that saving the future of the British Grand Prix was an enormous task, but it is one that 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 that the Wheatcroft family shares our vision and passion for British motorsport.”
Kevin Wheatcroft, son of track owner Tom Wheatcroft, said: “We are pleased that significant progress has been made in recent weeks and I am delighted that we have now reached an amicable agreement.
“We have always shared and supported the vision of ensuring that Formula One returns to Donington Park and are hopeful that, with the settlement achieved, that vision will be turned into reality.”