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Sunday June 7, 2009

Settlement keeps British GP on track

LONDON: The British Formula One Grand Prix was thrown a lifeline after the warring factions at Donington Park, scheduled to host the race for 10 years from 2010, reached an out-of-court settlement.

The site’s owners, Wheatcroft and Son Ltd, took legal action against the race promoters, Donington Ventures Leisure Ltd (DVLL) in April over £2.47mil (US$3.96mil) in unpaid rent and the case was due to be heard next Monday.

They had also threatened to withdraw the circuit’s lease, which would have almost certainly spelt the end for the British Grand Prix after Formula One supremo Bernie Ecclestone said he would not be interested in it staying at its current home at Silverstone.

However, a statement issued on behalf of Wheatcroft & Son said: “The parties have also reached agreement on the terms of the planning agreement required for planning permission to be issued and are finalising arrangements with the Council.

“These positive developments, combined with the ongoing encouragement from Formula One rights holder Bernie Ecclestone, demonstrate that DVLL is committed to pushing forward with its 2009 racing plans and 2010 Formula One preparations.” — Reuters

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