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Bosses at Silverstone claim they are close to agreeing a 10-year staging agreement to host Formula One in this country but Gillett, chief executive of Donington Ventures Leisure Limited (DVLL), insists it remains a two-way tussle.
He added: "DVLL had a 17-year contract with Formula One Administration to host the British Grand Prix round of the Formula One World Motor Racing Championship but this was finally lost at the end of November and some parties withdrew.
And 75 years on Mr Wheatcroft has agreed to join DVLL and will assume the role of president with immediate effect.
Donington Holdings PLC, the parent company of DVLL, had said they were looking to secure pounds 135million through the issue of high-yield bonds.
DVLL, the organisation run by Gillett, acquired a 150-year lease from the Wheatcrofts in January 2007, but it has become clear the landowners and leaseholder are now enduring a rocky relationship..
Wheatcroft is seeking pounds 2.47m in rent arrears from DVLL, as well as forfeiture of the track lease..
Although Silverstone bosses claim they are close to agreeing a 10-year staging agreement to host Formula One in this country, Gillett - chief executive of Donington Ventures Leisure Limited (DVLL) - insists it remains a tussle between the two circuits.
Donington Park owner Wheatcroft issued legal proceedings last month against Gillett, chief executive of Donington Ventures Leisure Ltd (DVLL), in a bid to reclaim his money, as well as seek a forfeiture of the lease.
Hill, though, feels that will be unnecessary and is confident Silverstone will avoid the financial minefield that crushed Donington's bid to stage the race and saw leasing company DVLL go into administration.
Donington's hopes appear all but over with DVLL, the company which leases the Leicestershire circuit, in administration and time running out to find the major investment required.
Donington Park owner Wheatcroft issued legal proceedings last month against Gillett, CEO of Donington Ventures Leisure Ltd (DVLL), in a bid to reclaim his money, as well as seek a forfeiture of the lease.
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