Bernie Ecclestone said on Monday that he is convinced the British Grand Prix can have a long-term future at Silverstone after the collapse of efforts by Donington Park to raise funds to host the race.

According to Ecclestone, the sport’s commercial rights-holder, Donington Ventures has until midnight on Tuesday — not midday Monday as widely publicised — to come up with the money or it will be in breach of its contract to stage the grand prix from next year.

The billionaire is not expecting any last-minute turnaround and said that Donington’s efforts were already “over”. Contrary to suggestions in the media at the weekend, Ecclestone made clear that he will not be pressing for damages from Simon Gillett, chief executive of Donington Ventures, the company licensed by the Wheatcroft family, owners of the Derbyshire circuit. “No, there are no penalties — not at all,” he said.

The failure of Donington should, in theory, make a return to Silverstone on a permanent basis reasonably straightforward. In the wake of recent discussions with Neil England, the chairman of Silverstone Holdings, Ecclestone seems to think so.

“He has a contract on his desk,” Ecclestone said. “They’ve got to tidy the whole place up a bit, but I’m optimistic they will accept it.”

But Ecclestone’s optimism is not shared by those examining the document from the Silverstone end, where there is dismay that the offer is exactly the same as two years ago. The Northamptonshire circuit could not afford Ecclestone’s tough financial conditions, and nothing has changed.

The sticking point is not the estimated £12 million fee Ecclestone charges for staging the grand prix but the 7 per cent annual escalator in that fee that would build for 17 years. As one source close to the management of the circuit put it: “The escalator is the killer.” While stalemate looks inevitable until Ecclestone modifies his demands or another solution is arrived at, Ecclestone does not regret his foray with Donington, which has left the Wheatcroft family out of pocket and with a circuit that has been hugely disrupted by earthworks that will never be completed. “No I don’t regret it,” he said. “If they could have done what they said they were going to do, and what the contract said they had to do, it would have been good.”

Meanwhile, Anthony Hamilton, father of Lewis Hamilton, was named yesterday on a management advisory board for a new football “talent management” company, 2mb International Soccer Management. The venture is the brainchild of Mark Blundell, the former Formula One driver, who claims he is going to “shake up” the sport. The board also includes the Hamilton family solicitor, Sue Thackeray, who has represented Lewis in various FIA-related cases.