The torrential rain that drenched the crowds at Silverstone yesterday was almost being taken as a sign from above that the venerable circuit’s time is up yesterday. With Donington Park now lined up to take over the British Grand Prix from 2010, Bernie Ecclestone, Formula One’s commercial rights holder, confirmed that even if Donington’s massive reconstruction programme fails to meet his deadlines, the race will not return to Silverstone, another devastating blow to the British Racing Drivers’ Club, which owns the Northamptonshire track.

“We won’t come back,” Ecclestone, who will be 89 when the ten-year arrangement with Donington is scheduled to expire, said. “We’re in the same situation as we were before Donington came into the deal. I am sure they will be ready but, if not, we will sign with another country. There won’t be a British Grand Prix. Pure and simple.”

Ecclestone spoke against a background of widespread scepticism that Donington can be anywhere near ready within two years and as confusion surrounded the much-vaunted £100 million redevelopment plan. Ecclestone had spoken at length about an English businessman he had met who was behind the plans and the press release from Donington Ventures Leisure Ltd on Friday, said: “The investment will be led by a private investor, who is also a large shareholder.”

Simon Gillett, Donington’s joint chief executive, pulled back from that statement yesterday, insisting that the scheme plans will be self-financing, from using the same sort of debenture scheme that helps to finance Wembley and Wimbledon. “We have a lot of exciting plans,” he said, “ and there will be more coming out in the next few days and weeks,” he said. “We will run a debenture scheme, which will help us get this [redevelopment] scheme going.”

But even an adventuruous debenture is unlikely to raise the entire £100 million, with about £30 million needed to develop improve the inside of the circuit and a further £70 million for perimeter development, which will include hotels and a shopping mall — the latter will almost certainly require planning discussions with surrounding local authorities in Leicestershire and Derbyshire, adding further to the uncertainty.