• Donington Ventures Leisure Ltd holds meetings with staff
• Lost 17-year contract to stage British grand prix last month

The company which tried to take the British grand prix to Donington Park is in administration, according to reports. Photograph: Tom Jenkins

The company which tried to bring Formula One to Donington Park has gone into adminstration, according to the BBC.

Donington Ventures Leisure Limited lost a 17-year contract to stage the British grand prix last month after failing to raise £135m from a bond issue to upgrade facilities.

It is understood the firm's 40 full-time staff were called to meetings at the circuit today to be updated on the situation, and that the decision to put the company into the hands of administrators will be confirmed shortly.