Donington Ventures Leisure Limited (DVLL), which held the lease over the Donington Park motor racing circuit, has entered administration.

The affairs of Donington Ventures Leisure Limited (DVLL) are being handled by partners Nigel Price, John Kelly and James Martin from the Birmingham office of corporate recovery specialists Begbies Traynor.

DVLL had a 17-year contract with Formula One Administration to host the British Grand Prix round of the Formula One World Motor Racing Championship, signed in July 2008. It also had a 150-year lease on the circuit, with landlord, Wheatcroft & Son Limited, signed in January 2007, which also hosts pop concerts, corporate days and markets as well as motor sport.

Mr Price said: "This need not be the end of Formula One racing at Donington. We are certainly hopeful that a 2011 Grand Prix could take place at the site. We are looking for a purchaser for the business and the potential opportunity to bring Formula One to this part of the Midlands by funding the work that needs to be carried out to the circuit.

"It still remains a fantastic location - next to an airport and main motorway connections. It needs people of vision to get the dream to the starting grid and we would be very interested in talking to interested parties."

Mr Price said Begbies Traynor was still assessing how much was owed to creditors.