Formula One's Bernie Ecclestone has given Donington Park two more weeks to provide the financial guarantees needed to host next year's British Grand Prix.

"Donington Ventures Leisure Ltd has another two weeks to further demonstrate our credentials for hosting the British Grand Prix," chief executive Simon Gillett said as quoted by Reuters.

"We remain committed to delivering on the promises we made at the start of this process and have the interests of the sport and its fans at heart," he said in a statement.

Ecclestone had initially set an end of September deadline but has twice extended it since then. Donington has promised to invest £100 millionin revamping the circuit over a five-year period