The Donington Park racing circuit may have to pay Formula One supremo Bernie Ecclestone a £15 million cancellation fee if its contract to host the British Grand Prix is cancelled.

It was revealed last Thursday that a last-ditch bond issue scheme to raise £135 million had failed. According to UK newspaper the Times, Donington will be liable for a cancellation fee of between £12 million and £15 million.

Donington chief executive Simon Gillett has until midday today to provide Ecclestone, the Formula One commercial rights-holder, evidence that it can raise the £50 million it needs to host the race from next year.

A Donington statement read: “Information regarding the circuit’s future plans is not yet available; however, the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers.”

Ecclestone is faced with the prospect of either cancelling next year’s British Grand Prix or going returning back to Silverstone, the race’s traditional home