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Earlier this year Silverstone's owners finally acquired planning permission to build a new £30million pit and paddock complex that would be the first phase of a multi-million redevelopment.

However, it is clear Ecclestone's patience has clearly run out, and after recently confirming he was in discussions with Donington Park, the East Midlands venue has now won the day with a 10-year agreement.

"We wanted a world class venue for Formula One in Britain, something the teams and British F1 fans could be proud of," added Ecclestone.

"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 we could not have helped Silverstone to raise the money to carry out the circuit improvements and run Formula One."

Ecclestone then had a dig at the British Government for not dipping their hands into their pocket and helping out Silverstone.

"I believe the government should have supported them, which would have cost probably less than 0.002 per cent of the government's commitment for the Olympic Games," remarked Ecclestone.

Donington Park, home of the British round of MotoGP, will require its own multi-million pound facelift to ensure it meets exacting standards required to run a grand prix.

The circuit is currently owned by Tom Wheatcroft, although it is run by and leased to computer magnate Simon Gillett and partner Lee Gill under the name of Donington Ventures Leisure Ltd.

Gillett and Gill now have two years to bring up to scratch a track that has previously only staged one grand prix, the European in 1993, with investment of £100million planned over the next five years.

The money will come from an unnamed private investor, who is also a large shareholder.

FIA president Max Mosley said: "After many years of patient but fruitless negotiation with the BRDC, we are delighted Bernie has been able to ensure the British Grand Prix will keep its place on the Formula One World Championship calendar.

"We understand the development programme planned for Donington will achieve the very high standards we and FOM expect from a modern F1 circuit.

"Finally, British Formula One fans will get the Grand Prix venue they deserve."

In a joint statement issued by Gillett and Gill, they said: "We are naturally delighted and extremely proud to have acquired the rights to bring Formula One back to Donington Park from 2010.

"At the beginning of last year when we acquired the circuit and its substantial lands, we made clear our commitment towards realising the full potential of the park by making the necessary investments in current and future events that will see Donington revitalised, ensuring its leading position as one of the most iconic racing circuits in the world.

"To that end, we have now entered a new and exciting chapter in the development of the park, one that will bring significant investment and regional development, while securing the future of one of the most important and significant sporting events in Britain."

The BRDC and Silverstone Circuits Limited are far from happy with Ecclestone for announcing the British Grand Prix is to move to Donington Park during their anniversary celebrations.

A statement read: "Silverstone Circuits Limited and the BRDC would like to express our disappointment at the announcement released by the FIA today concerning the future of the British Grand Prix.

"It is particularly disappointing to receive this information during the course of the British Grand Prix weekend, while we are celebrating 60 years of Silverstone and 80 years of the BRDC.

"The BRDC and Silverstone Circuits Limited are considering our position following in-depth and on-going contract negotiations with FOM.

"We shall release a statement once the full facts of this announcement have been established with FOM and the FIA.

"The incredible staff here at Silverstone will continue to make this year's sell-out event a resounding success for the fans."