Bernie Ecclestone has given Donington Park another two weeks to come up with a £145m ($229m) funding package for staging the British Grand Prix, but warned the operators they were technically in breach of contract and that he was ready to take legal action.

Formula One Management, the commercial rights holder that is controlled by Mr Ecclestone, last year awarded Donington Ventures Ltd the rights to stage the grand prix for 17 years from next season.