The court case between Donington Park promoter Simon Gillett and circuit owner Tom Wheatcroft has been settled just days before it was due to be heard, according to a statement on the circuit’s website.
Wheatcroft’s company had filed a case at Derby County Court suing for an alleged £2.47 million in rent arrears and the return of the lease.
But it appears the matter may now have been resolved – as well as securing the outstanding signatures required to finalise planning consent.
Here is the circuit’s full statement, just published on its website:
Motorsport fans remained at the heart of Donington Park’s plans today as the landowner, Wheatcroft and Son Limited, and circuit leaseholder, Donington Ventures Leisure Limited (DVLL), confirmed that they have reached an agreement which they hope will move a step closer to securing the future of East Midlands’ parkland circuit Donington Park.
The settlement was reached after court proceedings were issued by Browne Jacobson LLP, acting on behalf of Wheatcroft & Son Limited, seeking £2.47m in rent arrears and forfeiture of the circuit lease.
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, demonstrates that DVLL is committed to pushing forward with its 2009 racing plans and 2010 Formula One preparations.
Kevin Wheatcroft of Wheatcroft & Son Limited said: “We are pleased that significant progress has been made in recent weeks and I am delighted that we have now reached an amicable agreement. We have always shared and supported the vision of ensuring that Formula One returns to Donington Park and are hopeful that, with the settlement achieved, that vision will be turned into reality.”
DVLL Chief Executive Simon Gillett added: “This is another positive boost for Donington Park. We were always aware that saving the future of the British Grand Prix was an enormous task, but it is one that we are fully committed to and will make happen. So far, all of our efforts have been achieved in the face of adversity and it’s reassuring to know that the Wheatcroft family shares our vision and passion for British motorsport.”
The settlement itself is confidential between the parties and therefore no further comment will be made in this regard.