British GP will move to Donington Park

(CNN) -- The British Formula One Grand Prix will be switched from Silverstone to Donington Park from 2010.

F1 chief Bernie Ecclestone and FIA president Max Mosley have reached a deal to ensure the long-term future of the event at a new venue.

Mosley said: "After many years of patient but fruitless negotiation with the BRDC (British Racing Drivers' Club), we are delighted that Bernie has nevertheless been able to ensure that the British Grand Prix will keep its place on the Formula One World Championship calendar.

"We understand that the development program planned for Donington will achieve the very high standards we and FOM (Formula One Management) expect from a modern F1 circuit.

"Finally, British Formula One fans will get the Grand Prix venue they deserve."

Ecclestone added: "The uncertainty is over. A contract has been signed with Donington Park and the future of the British Grand Prix is now secure.

"We wanted a world class venue for Formula One in Britain, something that the teams and British F1 fans could be proud of. The major development plans for Donington will give us exactly that. A venue that will put British motor sport back on the map.

"I am sorry that we could not have helped Silverstone to raise the money to carry out the circuit improvements and run Formula One.

"I believe that the government should have supported them, which would have cost probably less than .002 percent of the government's commitment for the Olympic Games."

Donington Park staged the 1993 Formula One European Grand Prix, won by Brazilian Ayrton Senna.

It will become the fifth home of the British Grand Prix, which has also been held at Brooklands, Aintree and Brands Hatch.

Donington's owners, having pledged to Ecclestone that they were willing to spent up to $198 million over the next five years to modernize the circuit, now have two years to get it in shape for a GP.

"We are naturally delighted and extremely proud to have acquired the rights to bring Formula One back to Donington Park from 2010," circuit owners Simon Gillett and Lee Gill said in a statement.

"At the beginning of last year, when we acquired the circuit and its substantial lands, we made clear our commitment towards realizing the full potential of the Park by making the necessary investments in current and future events that will see Donington revitalized, ensuring its leading position as one of the most iconic racing circuits in the world.

"To that end, we have now entered a new and exciting chapter in the development of the Park and one that will bring significant investment and regional development while securing the future of one of the most important and significant sporting events in Britain."

Australia will retain its Formula One Grand Prix in Melbourne until 2015, after agreeing to a later start for the benefit of worldwide television audiences.

The race at Albert Park will start at 5:00 pm (0600 GMT) from next year after a new contract was signed with Formula One chiefs, Victorian Premier John Brumby said.

Bowing to pressure from F1 organizers who wanted a later start time to better attract international viewers, the Victoria state government agreed to push back the start of the race.

Brumby said the race would be held at the new time slot from 2009 and an agreement had been reached not to use any artificial lighting for the term of the contract.

Ecclestone said he was pleased the Grand Prix was continuing in Melbourne. "I have wanted changes to the local race time so that we can increase the television audience in Europe and Asia," he commented.

"I'm satisfied that the decision to move to a later start time for 2009 races is a win for television audiences in Europe and Asia, a win for Melbourne and a win for Formula One as a whole."