LONDON (AFP) - Donington Park's bid to stage the British Grand Prix from 2010 is set to fail after the venue's fund-raising attempts fell through.

Donington bosses had launched a bond issue in an attempt to raise 135 million pounds (147 million euros) earlier this month but that proved unsuccessful.

The track operators, Donington Ventures Leisure Ltd, issued a statement on Friday admitting the bond had failed to secure enough subscription and Silverstone could now step in to host the grand prix if offered a long-term deal.

Donington hosted Formula One's European Grand Prix in 1993 and has also staged the MotoGP and several other major motorcycle races.

The statement said: "Donington Ventures Leisure Limited can confirm that a bond for £135 million to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful.

"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline.

"The news dealt an unexpected blow to staff and management at the circuit, who still have a deadline of 12pm on Monday 26 October to remedy a breach of contract with Formula 1 Rights Holder Bernie Ecclestone, in order to keep any plans for retaining the existing 17-year Formula 1 contract alive.

"Information regarding the circuit's future plans is not yet available, however the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers."