The Donington Park circuit, which was left in a shocking state of disrepair after the circuit's bid to host the British Grand Prix from 2010 collapsed last year, will reopen in August this year, according to circuit owner Kevin Wheatcroft.
The track won the right to host the British GP from Silverstone last year, thanks to a bid from Simon Gillett's Donington Ventures Leisure Ltd company.
But in the wake of the global financial crisis, the company failed to raise the £80 million required to complete the extensive remodelling and rebuilding of the circuit and infrastructure.
With the demolition work to make way for the new track layout already underway, and DVL Ltd entering administration, the track was left in a shambolic state, and the track lost not only their F1 contract, but deals with the World Superbikes and other national racing series.
The circuit, which dates back to 1931, has effectively been rendered unusable.
However, Kevin Wheatcroft confirmed that the plans to complete repairs to the damaged track were being finalised, and said in a statement on the Save Donington website that racing would return to the track in August 2010.
"The Plans to re-open the new improved Donington Park Race Track are progressing well," the statement read, "We are confident that the new improved Race Track can be re-opened, subject to obtaining the necessary Racing Licences, during August 2010.
"The re-opening of Donington Park will ensure that the Circuit is once again available for National and International Motor Sport."
Wheatcroft added that "an appropriate Race Programme for 2010" was being drawn up which the circuit would announce "as soon as possible".
The renovation to the damaged track is expected to cost up to one million pounds.
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