Donnington Running out of cash?

[revrange]

Not sure what to make to this but might be no Brit GP 2010 if this is right -

http://www.pitpass.com/fes_php/pitpass_news_item.p...

[Scuffers]

revrange said:

Not sure what to make to this but might be no Brit GP 2010 if this is right -

http://www.pitpass.com/fes_php/pitpass_news_item.p...

some interesting new names in there.....

[german tony]

Hoping to sell 5000 odd corporate seats in advance to finance the enterprise was damn fool idea even when there was loads of cash about & now that we are in the middle of a recession it just looks even more Alice in Wonderland.

Fortunately Bernie has lots of people busting to organise a replacement GP (although not in the UK). Lets just hope the world recession misses them eh?

Edited by german tony on Sunday 8th February 21:38

[skeggysteve]

Max is saying that the FIA could step in to safe guard the British GP.

Autosport article

[fastfreddy]

They don't have any cash to run out of: "Donington Ventures has just £28 in the bank and so clearly its resources are limited"

Gillett will just walk away from this when it becomes apparent the investment isn't going to materialise. Probably leaving a half-finished building site in his wake...

[Scuffers]

fastfreddy said:

They don't have any cash to run out of: "Donington Ventures has just £28 in the bank and so clearly its resources are limited"

Gillett will just walk away from this when it becomes apparent the investment isn't going to materialise. Probably leaving a half-finished building site in his wake...

this was always what I consider the nighmare senario, Donington get's thoroughly screwed up and bankrupt in the process, killing it off for everybody.

[RichB]

There was in interiew with the owner of Donnington in this months Motor Sport, I must confess he comes across as an arrogant sort, on the subject of banning spectatores from driving to the track he said "They'll just have to lump it..." Perhaps he's Ecclestone's type.

[Kickstart]

This was always just a Bernie negotiating tactic so that he got some upfront money, shafted Silverstone and they could claim not to be the person who ended the British GP.

From what I read of the financing for the Donninton race it is all just pie in the sky...

[rubystone]

Paul Ricard, Donington Park - they'd make a nice pair, I'd have thought.

[Scuffers]

rubystone said:

Paul Ricard, Donington Park - they'd make a nice pair, I'd have thought.

it's looking increasingly like that's the game plan....

[Plug550]

Tom Wheatcoft still owns the freehold. This Gillet chap only took the leasehold. If all else fails, as it inevitably will, it will be back to 'as you were'.

[RichB]

Plug550 said:

Tom Wheatcoft still owns the freehold. This Gillet chap only took the leasehold. If all else fails, as it inevitably will, it will be back to 'as you were'.

Ecept that this Gillet chap's diggers appear to have turned the place into a buildig site/quagmire...

[skeggysteve]

rubystone said:

Paul Ricard, Donington Park - they'd make a nice pair, I'd have thought.

Interesting theory

I think you could be on to something.

[guyh]

Donington will get built, I personally know people who despite the credit crunch are going to put hefty sums into this..

[rubystone]

Plug550 said:

Tom Wheatcoft still owns the freehold. This Gillet chap only took the leasehold. If all else fails, as it inevitably will, it will be back to 'as you were'.

I thought that Gillett had acquired the whole place lock stock and barrel including (at that time) the Donington Collection. Perhaps you're confusing Gillet with the American company that did lease the circuit in the '90s?

[Scuffers]

rubystone said:

Plug550 said:

Tom Wheatcoft still owns the freehold. This Gillet chap only took the leasehold. If all else fails, as it inevitably will, it will be back to 'as you were'.

I thought that Gillett had acquired the whole place lock stock and barrel including (at that time) the Donington Collection. Perhaps you're confusing Gillet with the American company that did lease the circuit in the '90s?

nope, still on lease....(long term)

[flemke]

guyh said:

Donington will get built, I personally know people who despite the credit crunch are going to put hefty sums into this..

There are numerous scenarios. One's intentions could apply to one or some but not all.
Would your acquaintances' be independent of the debenture scheme, contingent upon it, in lieu of it, or bridging to it?

[chevronb37]

Scuffers said:

rubystone said:

Plug550 said:

Tom Wheatcoft still owns the freehold. This Gillet chap only took the leasehold. If all else fails, as it inevitably will, it will be back to 'as you were'.

I thought that Gillett had acquired the whole place lock stock and barrel including (at that time) the Donington Collection. Perhaps you're confusing Gillet with the American company that did lease the circuit in the '90s?

nope, still on lease....(long term)

Yeah, it was my understanding that the Collection was still with Tom and Kevin Wheatcroft. I can't see TW ever selling those cars after the adventures he had finding most of them.

[Graham]

Scuffers said:

rubystone said:

Plug550 said:

Tom Wheatcoft still owns the freehold. This Gillet chap only took the leasehold. If all else fails, as it inevitably will, it will be back to 'as you were'.

I thought that Gillett had acquired the whole place lock stock and barrel including (at that time) the Donington Collection. Perhaps you're confusing Gillet with the American company that did lease the circuit in the '90s?

nope, still on lease....(long term)

iirc 100 year lease..

[skwdenyer]

fastfreddy said:

They don't have any cash to run out of: "Donington Ventures has just £28 in the bank and so clearly its resources are limited"

Gillett will just walk away from this when it becomes apparent the investment isn't going to materialise. Probably leaving a half-finished building site in his wake...

I do think one shouldn't read too much into this article. All it is doing is quoting the qualifications to the accounts of the Directors and, perhaps, the Auditors.

Essentially they're laying out the risks facing the business. This is very normal. There are thousands of companies around the UK whose accounts will read like this, yet which are in reality in rude health.

This is a start-up operation and, as such, is being financed by its shareholders and by borrowing.

As for £28 in the bank, this is a total red herring. The numbers on the balance sheet are simply a snapshot of the position at the close of business on a particular day in the year. Without corresponding historical evidence over a few years, this also means nothing.

Nothing to see here. Move along. I have no view as to whether the financing will happen, but I think this article is the worse kind of journalism - reporting something without understanding it at all.