The deal gives Donington the rights to host the F1 until 2020.
Formula One chief Bernie Ecclestone, said: “The major development plans for Donington will give us exactly that. A venue that will put British motor sport back on the map.
"I am sorry that we could not have helped Silverstone to raise the money to carry out the circuit improvements and run Formula One. I believe that the government should have supported them which would have cost probably less than 0.002 percent of the government's commitment for the Olympic Games."