Silverstone will host the next two British MotoGP events, after Donington Park dramatically withdrew from its partnership with the Circuit of Wales.

Silverstone, which has held the race in recent years, lost out last September when Dorna, MotoGP's commercial rights-holder struck a long-term deal with the as-yet unbuilt Circuit of Wales from 2015 onwards. At the time Silverstone said it had made the 'maximum sensible offer' to retain the event.

With no circuit at which to stage an event it had acquired the rights for, Circuit of Wales officials then struck an agreement with Donington Park, a former host of the annual Grand Prix, for 2015.

On Tuesday, however, Donington Park pulled out of the deal, stating that the 'Circuit of Wales company, and its new subsiduary GP15 Limited, have as yet been unable to complete their agreement...nor meet long-term planned payment deadlines' which made organising the event, scheduled for August impossible.

That left Circuit of Wales investors with no option but to strike an agreement with Silverstone, the only other UK circuit capable of hosting MotoGP, or face the prospect of Britain losing its slot on the 2015 calendar.

Silverstone will also stage the 2016 event, a race which will come too soon for the Circuit of Wales to be built.

Significant doubts still remain about the financial viability of the Welsh project, where plans have been submitted for a UK£280 million venue near Ebbw Vale. The project has proved controversial from the off and few details of how the project will be funded have been forthcoming.

"We are delighted to secure the future of the event for the next two years while our circuit in Wales is under construction," said Michael Carrick, the Circuit of Wales' chief executive.

Patrick Allen, the new managing director of Silverstone, added: “A lot of work has been done over recent years to ensure MotoGP fans enjoy what Silverstone has to offer and it was devastating for the venue to lose the event last autumn. I welcomed the opportunity to meet with both Dorna and the Circuit of Wales recently so that we could try and find a way to keep MotoGP in the UK and racing at Silverstone.

"Two wheel racing is as much a part of Silverstone’s heritage as four wheel racing and I am obviously delighted to be in a position to announce we are hosting both the Formula One and MotoGP Grands Prix in 2015.”

The 2015 British MotoGP race is scheduled for 28th to 30th August.