(Source: Ireland.com)
Formula One supremo Bernie Ecclestone confirmed the move, with the East Midlands circuit's owners, Donington Ventures Leisure Ltd, signing a 10-year contract.
A private investor who is a major shareholder in DVLL will provide the £100million funds required to redevelop the track to bring it up to the standards required for Formula One.
The suggestion is that man is Ecclestone, although he denied that was the case when asked on Friday.
However, for teams like Force India, Honda and Williams, whose factory bases are close to Silverstone, moving the grand prix to Donington Park is a minor inconvenience.
But the overwhelming message from the team principals is one of relief that the British round of the championship is still on the calendar from 2010.
Sir Frank Williams, whose team are located 50 miles away in Grove, said: "I'm delighted the British Grand Prix will continue to be mentioned in a calendar.
"Some of us feared it may eventually be dropped, but it doesn't seem likely now.
"If it is at Donington, it's at Donington. If it's at Silverstone, it's at Silverstone.
"Privately I would prefer to come to Silverstone. It is much closer for all our factory staff, to Heathrow and to the largest number of spectators, but if it's Donington, we will be there."
Honda's base is sited just 10 minutes away in Brackley, although Ross Brawn echoed Williams' sentiments.
"The most important thing is we maintain the British Grand Prix because we are under huge competition from circuits like Abu Dhabi and Bahrain, and these new countries that want a grand prix," said Brawn.
"It is just very good news we will keep it in Britain, but a little bit sad we are losing it from Silverstone, especially as our company and our factory are so close."
Silverstone may have hosted the first grand prix in Formula One history in 1950, but Toyota chief John Howett feels Donington Park will carve its own niche.
Howett said: "The British Grand Prix is secure.
"In the end I think it is sad to lose a great circuit with heritage such as Silverstone.
"But at the same time I'm sure Donington will create an environment which will be extremely good for F1."
McLaren F1 CEO Martin Whitmarsh was at the Woking-based marque in 1993 when Ayrton Senna triumphed for the team in the only grand prix to so far be staged at Donington Park.
"I think it is vitally important there is a British Grand Prix, so that is good news," said Whitmarsh.
"I think Silverstone and Donington are two great circuits, but my personal recollections of Donington are very happy, so I'm pleased to race there if that is where the race is in two years' time."
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