Bernie Ecclestone has confirmed there will be no British Grand Prix at Donington Park in 2010.

Speaking in Abu Dhabi, in the paddock of the new Yas Marina circuit, Ecclestone said: "There's no Donington.

"They've missed the deadline which we kept extending for them."

Donington's final deadline is understood to have been midnight on Tuesday, despite earlier suggestions it was noon on Monday.

Regardless of the specific timing, the Leicestershire circuit's ambitious plan to host one of British sport's blue-riband events is officially dead in the water.

It had been suggested Gillett had paid a £12million security owed to Ecclestone to keep the deal alive, but the Formula One supremo stated that was not the case.

Ecclestone added: "It's unfortunate for them.

"It was the credit crunch that caused them to be in trouble - because their intentions were good, that's for sure."

Simon Gillett, chief executive of Donington Ventures Leisure Ltd who lease the track from the owning Wheatcroft family, had signed a 17-year deal with Ecclestone.

But Gillett's plans to raise the £135million required to redevelop the circuit hit the rocks as banks shied away at a time when the global credit crisis was at its worst.

"It's bad for Tom (Wheatcroft), because he's been an old friend for a long time," added Ecclestone, who turned 79 this week.

As far as Ecclestone is concerned, the ball is now in Silverstone's court to agree a deal they shied away from 18 months ago - and which resulted in Gillett poaching the race from their grasp.

Silverstone Holdings stalled then, not because of the £12million annual asking price to host the race but because of a seven per cent yearly increase clause.

Ecclestone added: "We're talking. A deal can be done if they want to."

Asked if there was a difference of opinion over the details, he said: "There isn't actually.

"As far as I'm concerned, no problems."

Standing in the middle of the world's most expensive circuit, as the LED panels on the five-star hotel that straddles it glowed a variety of colours behind him, Ecclestone could not help but smile.

"It's a bit like Silverstone really when you think about it!" he joked.

In more serious tones, he added: "What they've done is unbelievable.

"It was in April 2006 I saw and spoke to the crown prince, and at that time we didn't start to discuss a race.

"But during dinner we came up with the idea that maybe we should have a race here, and what they've done is magic.

"I never thought it would be finished like this. I thought bits and pieces would be done. I said to them 'I hope we're not going to be racing on a building site'.

"But no one is going to top this ... although I'll be happy if someone does the same."

Business Secretary Lord Mandelson has spoken to Ecclestone about the British Grand Prix, stressing the significance of the race, and was assured by the Formula One supremo he was doing "everything possible'' to retain the race in the calendar.

Lord Mandelson said: "I phoned Bernie Ecclestone this afternoon and I stressed to him the importance of Formula One and the British Grand Prix to the UK.

"This is a very British institution and every effort must be made to keep the race in the UK.

"Losing it would be a body blow to UK sport, the teams, and the fans.

"Bernie reassured me he was doing everything possible to maintain the British Grand Prix in the UK.''