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The future of the British Grand Prix was put into doubt after owners of Donington Park started legal action to claim $3.61 million in unpaid rent from the company planning to hold the race there from 2010.
Wheatcroft and Son Ltd. said that Donington Ventures Leisure, which is owned by businessman Simon Gillett, has not paid rent since last September and should forfeit its lease as a result.
That would likely lead to Britain losing its annual Formula One race.
Gillett has a 10-year contract with F1 boss Bernie Ecclestone to host the British GP from next year, taking it away from Silverstone, which has staged the event every year since 1987.
But Ecclestone has said that he will not allow the race to be held at an alternate venue if, as seems likely, a planned £100 million (BD55 million) redevelopment of the circuit is not completed in time.
"It is with great reluctance that we have taken this decision," Kevin Wheatcroft said. "Despite receiving numerous reassurances over a number of months, they have consistently failed to meet their financial obligations under the terms of the lease.
"We have held off taking legal action for as long as possible but have been left with no choice but to commence proceedings."
Donington Ventures Leisure Ltd. signed a 150-year lease with Wheatcroft and Son in January 2007 but is reported to be heavily in debt.
Aston Martin, one of the most iconic brand names in motoring, is considering entering F1 next season providing it is commercially viable and there is the potential to be competitive.
