Historic Midlands motor racing and event venue, Donington Park, has been sold.
Newly created holding company Donington Ventures Leisure has bought it off Live Nation for approximately #30 million.
At the same time DVLL has acquired substantial surrounding lands from Wheatcroft & Sons that will enable it to take over responsibility for the Donington Grand Prix Collection – the world's largest collection of Grand Prix racing cars.
The acquisitions will allow Simon Gillett and Lee Gill, DVLL co-founders, to further develop the circuit, its facilities and motor sport events, while at the same time widening the Park's appeal in leisure and entertainment.
Host to the British Superbike Championships and British Touring Car Championships, Donington Park was founded in 1931 by Tom Wheatcroft.
And 75 years on Mr Wheatcroft has agreed to join DVLL and will assume the role of president with immediate effect.
Mr Gillett, chief executive, said: "We are delighted to have acquired Donington Park. The circuit is steeped in motor racing heritage and has an incredibly fond place in the heart of every motor racing enthusiast whether on two or four wheels.
"We are absolutely committed to 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, for 2007 we have the best racing calendar for years, with two highlights being the return of World Superbikes on its 20th anniversary and the holding of the World MotoX Grand Prix."