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Donington Park rules out bid for British Grand Prix if Silverstone pulls out

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Legard: Silverstone must have F1 future (1:02)

Jonathan Legard reacts to the news that Formula One could lose Silverstone as a venue in the future. (1:02)

Donington Park has ruled out a bid for the British Grand Prix in the event of Silverstone deciding to drop the event.

The British Racing Drivers' Club, Silverstone's owner, is currently considering whether to exercise a break clause when it contract ends in 2019. The BRDC has grown concerned with the "potentially ruinous" costs of hosting the event beyond that date after a series of financial setbacks in recent years, all despite record crowds and three consecutive wins for local favourite Lewis Hamilton.

Silverstone's potential decision has led to speculation about whether any other existing British circuit could step in to fill the void. Donington Park hosted the European Grand Prix in 1993 and agreed a 17-year deal to host the British race at the end of the last decade, but the expensive renovations nearly led to bankruptcy and closure, meaning the grand prix remained at Silverstone.

Donington Park's current managing director, Christopher Tate, has ruled out another bid in the coming years.

Asked if hosting the British Grand Prix was a consideration if Silverstone activates its break clause, Tate said: "Absolutely not. We've set a very clear target of keeping the trace of the circuit as it is.

"We've no interest in hosting modern, high-speed single-seaters because we'd have to completely change Donington Park."

Tate believes F1's existing business model "makes no sense" to circuits wanting to host a race. F1 is set for new ownership this year, with Liberty Media set to complete its takeover, and Tate thinks the American company will be better for historic venues like Silverstone -- which hosted the first world championship race in 1950.

"The business model makes no sense to anyone and all the messing around with the F1 calendar has a terrible impact on the rest of motorsport. Hopefully there will be a totally different business model and Liberty has made all the right noises about heritage events [such as the British GP].

"I do think the new owners will understand where it all fits in because they are media savvy. It can't continue on the basis it is."