12/02/2009
NEWS STORY
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Amid mounting scepticism over the future of the British Grand Prix at Donington, Simon Gillett, Chairman of Donington Ventures Leisure Ltd, which leases the track, has called for an end to negativity, insisting that his circuit is the only hope if Britain is to maintain its place on the World Championship calendar.
At a media event today at which invited guests were able to lap the proposed track layout on a Williams simulator, Gillett was keen to dismiss some of the recent rumours, starting off with a story which appeared in the Daily Telegraph.
The British newspaper claims that security company McKenzie Arnold has withdrawn its people from the site following a dispute over unpaid bills, not so said Gillett today talking to the same newspaper.
"There are lots of rumours flying around, but first up we don't have a contract with McKenzie Arnold. We have simply decided to bring our security in-house based on a review we did in January."
"Is there a debate over things? Yes," he continued, "and that's unfortunate. But all outstanding payments have been made to them."
Referring to the recent reports concerning the company's balance sheet, Gillett said that how things look is not necessarily how things are.
"We're being told that we have a debt of £66 million, but that is an accounting treatment of a 150-year lease being depreciated into capital asset. You can take things in different ways depending on how you want to spin the figures. Financially we're in rude health.
"Is this the best time to be raising money? No it isn't,"£ he admitted. "Are we on the brink of ruin? Absolutely not."
To raise the estimated £100m needed for the redevelopment of the circuit and its facilities, Gillett has already said that a debenture scheme will be launched, with precise details due to be released next month. Today however, he revealed that more money will be raised from the sale of 20 £2m houses to be built where the famous Craner Curves are currently situated.
Dismissing the scepticism out of hand, he continued: I guess it would have helped if I'd been born into a motor sport family, or I was an ex-driver, but I'm not. If you cut me open I don't ooze petrol. Instead, I ooze business... I think that's frowned upon a little."
While the scepticism is sure to continue, Gillet was eager to make one thing crystal clear to British race fans, Donington is their only hope of retaining a round of the World Championship.
"We didn't steal the Grand Prix from Silverstone... it was dead," he said. "They refused to pick up the contract on the table, and there was no future for grand prix racing in Britain.
"So we picked up that contract, we took the risk, we are doing all the work... yet we're still seen as the perceived threat to the British Grand Prix. Realistically, we're the only lifeboat it has."