Announcing the decision to switch to another East Midlands circuit, Mr Ecclestone, president of Formula One Management (FOM), said: "Finally the uncertainty is over. A contract has been signed with Donington Park and the future of the British Grand prix is now secure."

The change is likely to be hailed as good news by business leaders in Leicester, Nottingham and Derby, with the event seen as a major money-spinner likely to benefit hotels in and around the three cities and East Midlands Airport.
But it raises questions about the speed of Donington's ambitious investment programme, and will put added pressure on plans to expand the congested road network leading up to the circuit.
Reacting to the news, Dr Bryan Jackson, Chairman of East Midlands Development Agency (emda), said:  “The British Grand Prix is the most significant event in the UK motorsport calendar.  This announcement re-affirms the world leading reputation of the UK motorsport sector and continues a long and proud tradition of hosting this truly international event.
“We are pleased that the Grand Prix will continue to benefit the East Midlands economy, not only acting as a catalyst to increase visitor numbers and spend, but also by helping secure the long-term future for the sport and its related industry throughout the region. With Silverstone also working on its development, we will have two excellent facilities in the East Midlands that will have world class appeal.”
But the decision is a bitter blow for the British Racing Drivers' Club, who own Silverstone as they have long been in detailed talks with Ecclestone with regard a new deal.

NEL's disappointment
Northamptonshire County Council and Northamptonshire Enterprise Limited (NEL) issued a joint statement in the wake of today’s decision, voicing disappointment and a determination to maintain Silverstone’s status.
Coun Andre Gonzalez de Savage, council cabinet member commercial operations and NEL board member, said:“We are tremendously disappointed with today’s announcement.
“We have always held great pride in being host to one of the world’s premiere and best attended sporting events, not least because of the millions it generates for the local economy from visitors, the strong local motorsport industry that is closely associated with the circuit and the profile that it gives the county to a worldwide TV audience.”
Northamptonshire Enterprise and Northamptonshire County Council had been working with the BRDC and partners to ensure that the necessary improvements to Silverstone circuit were put in place to secure the Grand Prix beyond 2009.
Paul Southworth, Chairman, Northamptonshire Enterprise, added: “As will be seen this weekend, Silverstone is already able to play host to well over 200,000 visitors, and we supported the plans in place to build on it.
“We believe it remains uniquely placed to facilitate FOM’s exacting standards in terms of capacity, infrastructure and facilities.
“We will continue to work together with BRDC to ensure that Silverstone continues to be developed as a prestige racing circuit capable of hosting F1 events in the future, and that the county remains the focal point for the UK motorsport industry.”
Ecclestone has continually expressed unhappiness at the facilities at Silverstone, which in many people’s eyes is far from the worst on the calendar. But the 77-year-old has made it plain over the years the circuit was in need of drastic improvement, otherwise it would be axed.

Earlier this year Silverstone’s owners finally acquired planning permission to build a new £30million pit and paddock complex that would be the first phase of a multi-million redevelopment. However, it is clear Ecclestone’s patience has clearly run out, and after recently confirming he was in discussions with Donington he chose the first day of Silverstone's 2008 Grand Prix to reveal a deal had been struck.

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

Ecclestone then had a dig at the British Government for not dipping their hands into their pocket and helping out Silverstone. "I believe the government should have supported them, which would have cost probably less than 0.002% of the government’s commitment for the Olympic Games," remarked Ecclestone.

Donington's £100m facelift
Donington Park home of the British round of MotoGP, will require its own multi-million pound facelift to ensure it meets exacting standards required to run a grand prix.Donington Ventures Leisure Ltd. Donington will achieve the very high standards we and FOM expect from a modern F1 circuit.Donington Park from 2010.Donington revitalised, ensuring its leading position as one of the most iconic racing circuits in the world.

 The circuit is currently owned by Tom Wheatcroft, although it is run by and leased to computer magnate Simon Gillett and partner Lee Gill under the name of Donington Ventures.

Gillett and Gill now have two years to bring up to scratch a track that has previously only staged one grand prix, the European in 1993, with investment of £100million planned over the next five years. The money will come from an unnamed private investor, who is also a large shareholder.

FIA president Max Mosley said: "After many years of patient but fruitless negotiation with the BRDC, we are delighted Bernie has been able to ensure the British Grand Prix will keep its place on the Formula One World Championship calendar. We understand the development programme planned for Finally, British Formula One fans will get the Grand Prix venue they deserve."

In a joint statement issued by Gillett and Gill, they said: "We are naturally delighted and extremely proud to have acquired the rights to bring Formula One back to Donington. At the beginning of last year when we acquired the circuit and its substantial lands, we made clear our commitment towards realising the full potential of the park by making the necessary investments in current and future events that will see Donington  revitalised, 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, 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."

Silverstone's reaction
The BRDC and Silverstone Circuits Limited are far from happy with Ecclestone for announcing the British Grand Prix is to move to Donington Park during their anniversary celebrations.
A statement read: “Silverstone Circuits Limited and the BRDC would like to express our disappointment at the announcement released by the FIA today concerning the future of the British Grand Prix.
“It is particularly disappointing to receive this information during the course of the British Grand Prix weekend, while we are celebrating 60 years of Silverstone and 80 years of the BRDC.
“The BRDC and Silverstone Circuits Limited are considering our position following in-depth and on-going contract negotiations with FOM.
“We shall release a statement once the full facts of this announcement have been established with FOM and the FIA.
“The incredible staff here at Silverstone will continue to make this year’s sell-out event a resounding success for the fans.”