Formula 1 commercial rights manager Bernie Ecclestone has confirmed Donington's hopes of hosting the British Grand Prix next year are over after the circuit failed to raise the funds to complete its redevelopment plans.
Donington had until last Monday to sort the financial situation, having failed to raise a £135 million ($223m) bond last week.
"There's no Donington. They've missed the deadline which we kept extending for them," Ecclestone told reporters in Abu Dhabi. "It's unfortunate for them, to be honest with you. It was the credit crunch that caused them to be in trouble because their intentions were good, that's for sure.
"It's bad for Tom (Wheatcroft, Donigton owner), because he's been an old friend for a long time."
Ecclestone insisted he is still in talks with Silverstone to reach a deal for the 2010 race and suggested the ball was on the British track's court.
"We're talking. A deal can be done if they want to," he said, adding there were no differences of opinion over contract details. "There isn't, actually. As far as I'm concerned, no problems."
The F1 boss also praised Abu Dhabi officials for their work with the state-of-the-art Yas Marina circuit that is hosting its first race this weekend.
"What they've done is unbelievable. It was in April 2006 I saw and spoke to the crown prince, and at that time we didn't start to discuss a race. But during dinner we came up with the idea that maybe we should have a race here, and it's magic what they've done.
"I never thought it would be finished like this. I thought bits and pieces would be done. I said to them, 'I hope we're not going to be racing on a building site.' But no one is going to top this... although I'll be happy if someone does the same."