Kevin Wheatcroft, the son of the late owner Tom Wheatcroft, has signed a deal with Worcestershire-based property investment specialist the Adroit Group in a bid to restore the circuit to its former glory.
Donington has been part of British motor racing for 80 years, but in recent times it found itself mired in operational and financial turmoil. When it was awarded the British Grand Prix ahead of Silverstone, it could not live up to expectations and ended up bankrupt in the process.
Adroit managing director David Broome said: "It is a big task and no one is under any illusions about that. We intend to bring the site back up to a world class standard. The entire site needs attention, whole much of it will require a total overhaul - from the track itself to the medical centre, hospitality suites, phone, radio and PA systems, IT systems CCTV and general ground work.
"There is no magic wand, but through a calm, cautious, credible and sensible approach, we know that we have the experience, expertise and absolute commitment to bring the glory years back to Donington."
Wheatcroft added: "We are particularly pleased that after a long interview process, we feel that we have found the right people to move Donington forward into a new and exciting future. David and Steve impressed us from the first time we met them and we have every confidence in their ability and vision for Donington."