With less than two weeks in which to prove he can come up with the money necessary to host the British Grand Prix at Donington from 2010, Simon Gillett has unveiled his plans for a £135m bond issue.

The bond, which would mature in 2016, promises an annual yield of 15%, and is the result of negotiations Gillett has held with CitiBank. A similar earlier deal with Goldman Sachs fell through earlier this year when the financial giant withdrew.

Gillett will hold further talks with potential financiers over the coming days and it is hoped that by early next week it will be known whether the new scheme is likely to raise the required funding.

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Gillett unveils £135m bond issue

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