Donington Park Circuit, which is hoping to host Britain's round of the Formula One World Championship from next year, has overcome its first major hurdle, getting unanimous approval for its masterplan from the local council.

At a meeting today, North-West Leicestershire District Council granted Donington planning permission for what should turn the track in to a world class venue.

"I am absolutely over the moon," Donington boss Simon Gillet told the Evening Post. "It is a major coup. It is a culmination of six years' hard work.

"I’m elated, relieved, all of the above," he continued. "I couldn’t be happier, and from tomorrow morning it’s shovels at dawn and away we go. It starts in earnest from now, it's time to start focusing on 2010 and delivering the best Grand Prix in the world. That is what I’ve always said we would deliver, and that is what we are going to do.”

Following the meeting, one of the councillors that attended compared winning the Grand Prix franchise to "winning 10 years' of Olympics".

The first phase of the masterplan, which will cost £100m in toal, includes widening and extending the current track and building new grandstands. In addition a new pit and paddock complex will be needed along with a new media centre.

However, while the council's approval is a major step forward for Donington, and great news for British race fans, the question remains as to how, circuit owners, Donington Ventures Leisure Ltd will raise the money, with £40m needed for phase one of the project.