F1 track that was due to host iconic Grand Prix was left 'unusable' after bankruptcy and £20m debts

A track that was pencilled in to host one of Formula 1's most iconic races was left 'unusable' after a two-year-long saga.

Back in 2008, Silverstone was locked in talks with the FIA and its president Bernie Ecclestone over a long-term extension to their contract to host the British Grand Prix.

Five years earlier, Ecclestone had demanded that the circuit install improved pit and paddock facilities worth £40 million so that he could guarantee it would remain on the F1 calendar.

The British Racing Drivers' Club, who own and operate Silverstone, received planning permission to build new £30 million facilities in 2008.

But by the time of that year's British Grand Prix, the Northamptonshire circuit was resigned to losing F1 entirely.

And before Friday practice, it was announced that Silverstone would no longer host the British Grand Prix in 2010.

It was perhaps ironic that the track would go on to host one of its all-time great races on the Sunday, with McLaren's Lewis Hamilton lapping all bar two cars to win in largely extreme wet conditions.

The circuit that was to replace Silverstone was Donington Park, situated around an hour further up the M6.

Donington had hosted Formula 1 previously, with Ayrton Senna winning the 1993 European Grand Prix.

In 2007, owner Tom Wheatcroft leased the circuit and its facilities over to Donington Ventures Limited for a period of 150 years.

New chief executive Simon Gillett subsequently signalled his intention to bring Formula 1 back to Leicestershire.

Donington would later agree a long-term deal with the FIA, with Ecclestone describing it as a 'world-class venue' once proposed developments were completed.

Those developments included an entirely new layout, new paddock and pit facilities, spectator grandstands and changes to the run-off areas.

You can see how the track would have looked below.

The total cost of the development was slated at £100m, with bankers then attempting to raise the £135 million to both complete the development and fund the FIA hosting costs.

In October 2009, however, it was announced that those efforts had been scrapped, with Donington Ventures Limited going into administration the following month with £20 million debts.

Silverstone swooped in to secure their own 17-year deal to host Formula 1, which has since been extended to 2034.

Speaking on Tuesday, current FIA president Stefano Domenicali claimed that Silverstone could stay on the F1 calendar 'forever', with the Grand Prix significantly benefitting from a huge increase in interest in the sport in recent years.

As for Donington, the lease for the circuit was acquired by Worcestershire-based Adroit Group in May 2010, and they began to rebuild certain sections of the track and facilities.

Once the lease was re-taken over by the Wheatcroft family later that year, the circuit was described as 'unusable' and 'in disrepair' following the failure of its previous F1 bid.

It now hosts World Superbikes and the British Touring Car Championship, having failed to bring MotoGP back to the circuit after Silverstone acquired hosting rights from 2010 onwards.