The future of Donington Park is in further jeopardy as administrators have been unable to find a buyer for the circuit.
Former owners Donington Ventures Leisure Limited were forced into administration last month, with liabilities of around £20million. DVLL's failure to secure the investment required to turn the track into a venue fit to host Formula One proved the company's undoing.
DVLL chief executive Simon Gillett had agreed a 17-year deal with F1 supremo Bernie Ecclestone to host the British Grand Prix from next year, only for his ambitious plans to fall by the wayside.
As work had already begun, Gillett has left Donington Park in a state of disrepair and currently unfit to host any form of motor sport event.
Administrators Begbies Traynor have now returned the lease to the circuit-owning Wheatcroft family.
"Although there have been many interested parties and detailed and lengthy negotiations, ultimately it has not been possible to do a deal," said Nigel Price, a partner at Begbies Traynor.
There had been hope with the British GP contract on the table it would prove a significant lure, and that Donington Park would pick up the staging of the race from 2011.
However, the fact Ecclestone and Silverstone managed to agree a new deal ultimately dissuaded a number of potential suitors.
"DVLL had a 17-year contract with Formula One Administration to host the British Grand Prix, but this was finally lost at the end of November and some parties withdrew," added Price.
"There was still serious interest in the circuit as a national track, although the onerous terms of the lease meant a deal could not be done in the relatively short timescale available to us."