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One of the key partners in Donington Park's bid to host the British Grand Prix from 2010 onwards has confessed that they face problems securing the necessary funding.

"Would we rather have been testing the market and putting together this product a year ago? Of course we would," said Andrew Hambel, chief executive of ISG, a joint venture between sports media giant IMG and stadium finance specialists Bastion and the company engaged to structure the seat packages for the 2010 race.

"Now is neither the best time to be persuading people to part with money for a new sporting proposition, nor is it the best time to be asking banks to back an offer of this sort."

Donington is trying to raise the final £40 million towards its re-development budget, which will go towards a range of improvements including track re-alignment, a new pit and paddock complex, six new grandstands for up to 68,000 fans, a new media centre and new hospitality suites.

But with the credit crunch hitting motorsport hard, DVLL's original plan - getting funding by offsetting bank debt against future ticket revenue - is a much less certain source of revenue than when the same principle was used successfully in the building of the new Wembley stadium. And with much of that resting on the sale of 6,000 corporate seats at an annual cost of £5,000 - thereby generating as much as £30 million a year from just five-to-ten per cent of paying customers - the circuit faces an uphill struggle.

"Of course we would have been more confident of being able to do this twelve months ago, but the project has a lot going for it," added Hambel.

"Formula 1 remains a huge draw, and the Lewis Hamilton effect is very positive. Whether it all stacks up to deliver the kind of financing we need is uncertain, but we would not be devoting the time we are to putting this package together if we were not confident that we can deliver."

DVLL's chief executive Simon Gillett, who bought a 150-year lease on the 100-acre Donington site for £30 million two years ago, remains bullish about the project, and is is positive that the necessary work can all be completed before the September deadline imposed by Bernie Ecclestone.

"I don't have to convince people," he asserted. "I'll convince them by building it."

Crash.net / Eurosport