Donington Park owner Wheatcroft agrees 25-year lease

Donington has held one Formula One race, the 1993 European Grand Prix

Donington Park could soon be hosting top-class motorsport again after owner Kevin Wheatcroft agreed to lease the circuit on a 25-year deal.

Wheatcroft has reached an agreement in principle for Worcestershire-based Adroit Group to run the race track.

The Leicestershire circuit was unable to host motorsport events after an ill-fated attempt to host Formula One.

But it is understood Adroit will invest up to £2m by the end of the year to try to win back its FIA grade two licence.

Donington Park has not been used since September last year after former leaseholder Simon Gillett, who ran Donington Ventures Leisure Limited, failed in his attempts to stage the British Grand Prix at the East Midlands venue.

Adroit impressed us from the first time we met them and we have every confidence in their ability and vision for Donington

Donington owner Kevin Wheatcroft

Gillett's company were unable to get the financial backing to upgrade the circuit and it went into administration in late 2009.

The administrators then failed to find a new buyer so the 150-year lease reverted to the Wheatcroft family.

Wheatcroft said: "We are particularly pleased that after a long interview process we feel we have found the right people to move Donington forward into a new and exciting future.

"Adroit impressed us from the first time we met them and we have every confidence in their ability and vision for Donington."

David Broome, managing director of Adroit Group, who primarily deal in construction and property investment, added: "The entire site needs attention, whilst much of it will require a total overhaul.

"That is from the track itself to the medical centre, hospitality suites, phone, radio and PA systems, IT systems, CCTV and general ground work.

"There is no magic wand, but through a calm, cautious, credible and sensible approach we know we have the experience, expertise and absolute commitment to bring the glory years back to Donington.

"The racing world needs to see Donington put back on its feet, and that is exactly what we are going to do."