Ayrton Senna (right) was the last F1 race winner at Donington

Donington Park chief executive Simon Gillett says the venue will be ready to host the British Grand Prix in 2010.

The circuit will undergo a �100m facelift to bring it up to standard and Gillett has dismissed fears that it will not be ready in time.

"There are no get-out clauses other than the fact we have to be at the suitable standard by that time," he told BBC Radio 5 Live's Sportsweek.

"We have a plan, we have the investment ready so we will be there."

He added: "If we're not ready, in the same way that if anybody else wasn't ready, then I'm sure Bernie Ecclestone would look to do something as he cannot jeopardise the Grand Prix.

"But as there aren't any other alternatives we will be there at 2010."

Donington will replace Silverstone as the host of the British Grand Prix but the circuit will need a huge overhaul to meet F1 supremo Ecclestone's exacting standards.

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"I think everyone will be surprised at how little needs to be done to get Donington Park ready to host a Formula One Grand Prix," he said.

"We already host the Moto GP and host crowds in excess of 90,000.

"We have a track that is not far off from being suitable for F1 at the moment - we only ran a Grand Prix in 1993. We have to build a new pit paddock and infratstructure."

Gillett also dismissed rumours that Ecclestone has helped fund the �100m needed to improve the circuit and that they are banking on the fans support to help raise funds.

"Bernie has not invested. Some of the rumours of a wonderful fairy godfather out there with a big chequebook are slightly off the mark," he said.

"We are looking to start a fan-based debenture scheme, in much the same way that Wembley and all major the stadiums across the world are looking to use their fan power, and we'll use this to invest and develop the circuit."