A simulation of the Donington F1 track currently being built
There may still be hope for Donington Park to host Formula One next year.
The deadline for Donington Ventures Leisure Ltd to prove they have enough money to make track improvements has been extended to 26 October 2009.
Is is believed that Chief Executive, Simon Gillet needs to raise 80 million pounds to complete the circuit work.
The final decision will not only affect the race-course, but the village of Castle Donington, who hope for a significant boost to their economy.
Tamsin Jackson is the chair of Castle Donington Traders Association, and general manager of Donington Manor Hotel.
She says businesses in the village are keen for a decision to be reached on the future of the race-track.
"There's an awful lot of businesses that would be looking to develop or expand, I suppose capitalise on Formula One coming."
Tamsin believes the village is already a diverse area for business which already benefits from Donington Park events, notably World Super Bikes and Download Festival.
If everything goes to plan it could mean a lot more revenue for local businesses and help put Donington on the international map.
The waiting game
The Donington Hotel has already glimpsed the possibilities of things to come.
"As soon as the news was announced last year we got inundated with phone calls."
"We're operating a wait list at the moment, but we haven't taken any firm bookings yet until we definitely know what is happening.
"We're getting phone calls and emails from people all over the world and also enthusiasts who want to come and visit the area for the sport."
Tamsin says for now it "would be unwise to put all your eggs in one basket", but F1 and the other opportunities it brings could be a massive asset to the local economy.
"I really hope it goes ahead.
"I think their was a fantastic mood in the village when it got announced last year, there's an awful lot of support locally and I think it would be a fantastic event to hold in the area."