Donington Park's hopes of staging the British Grand Prix from 2010 look to be over after the operators' latest fund-raising attempts fell through. Earlier this month Donington launched a bond issue in an attempt to raise £135m, but that has now been withdrawn.
Silverstone is ready to step back in if guaranteed the British Grand Prix would remain at the circuit long-term.
Donington, whose operators are yet to comment, have missed several deadlines to provide financial guarantees.
In June, F1 supremo Bernie Ecclestone said there would definitely be a British Grand Prix in 2012, and that it would be at Silverstone if Donington failed to come through.
But more recently he has backtracked and said it is not certain there will be a Grand Prix in Britain next year at all.
Donington Ventures Leisure Ltd, the company that operates the track, has faced legal and planning problems since being given the rights to stage the race.
Chief executive Simon Gillett was initially given a deadline of the end of September to demonstrate the funding was in place to carry out the planned multi-million pound revamp of the circuit and its facilities. That deadline was extended by a few days until 3 October.
Motor racing at Donington ceased in September so work could begin to prepare the venue for next year's race.
Silverstone has hosted every British Grand Prix since 1987, while Donington, which is synonymous with MotoGP, has held only one F1 race, the European Grand Prix in 1993.
BBC