The future of the British Grand Prix remained up in the air last night as the deadline for Donington Park to prove it had the funding needed to stage the event passed.

A deadline of noon yesterday had been set for Donington Ventures Leisure Ltd, run by Simon Gillett, to remedy a breach of contract with Formula One boss Bernie Ecclestone or risk losing the race.

Earlier this month circuit chiefs issued a last-ditch plea to potential investors to help raise the money required to stage the race, due to be held on July 11.

Donington Holdings PLC, the parent company of DVLL, had said they were looking to secure u00a3135million through the issue of high-yield bonds. But DVLL confirmed in a statement on Friday the bid to cover the cost of the redevelopment at Donington had been unsuccessful. Given the situation, and with the oldest race in F1 history on the line, one of two options lies open to Ecclestone.

Either the 78-year-old steps in to save Donington by putting up the money himself or he will thrash out a deal with Silverstone, the home of the race for the last 23 years.

However, Damon Hill, president of the British Racing Drivers' Club that owns Silverstone, said the circuit is only interested in a similar 17-year contract to Donington, not for just the one year should Gillett continue to try to find the funds.