Donington has faced legal and planning issues since winning the GP contract
The future of the British Grand Prix is in limbo after a deadline passed for the company redeveloping Donington Park to prove it had funding.
Donington Ventures Leisure Ltd had until 1200 GMT on Monday to show it had the finances required to redevelop the East Midlands circuit.
Earlier this month, Donington launched a bond issue in an attempt to raise £135m, but that proved unsuccessful.
Silverstone is keen to step in to host the race if offered a long-term deal.
In June, F1 supremo Bernie Ecclestone said there would definitely be a British Grand Prix in 2010, and that it would be at Silverstone if Donington failed to come through.
But more recently he has backtracked and said it is not certain there will be a grand prix in Britain next year at all.
Ecclestone said on Friday: "I want a British Grand Prix, of course, but we are not going to do special rates for Britain."
"If they [Silverstone] can't make it work then don't do it. If that happens, there won't be a British Grand Prix. Simple as that."
Donington Ventures Leisure Ltd issued a statement on Friday to say the bond "failed to secure enough subscription".
The statement confirmed the proposed bond to cover the cost of F1 redevelopment at Donington Park had been "unsuccessful".
"Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription," it said.
606: DEBATE
This leaves Donington with no F1, no MotoGP and a half-built track and no money
Readbetween
Donington has previously missed several deadlines to provide financial guarantees.
Former world champion and British Racing Drivers' Club president Damon Hill believes Silverstone is ready to host the British Grand Prix and would like to see a long-term deal put in place.
"We sincerely hope there is going to be a British GP and we're doing everything we can to provide the right conditions and we would very much like it to be at Silverstone," Hill told BBC Sport.
"We would be looking for more than just a stop-gap deal. There is competition out there to provide a venue but we feel Silverstone is the right place."
Donington Ventures Leisure Ltd, the company that operates the track, has faced legal and planning problems since being given a 17-year deal to stage the race.
Chief executive Simon Gillett was initially given a deadline of the end of September to demonstrate the funding was in place to carry out the planned multi-million pound revamp of the circuit and its facilities. That deadline was extended by a few days until 3 October.
Motor racing at Donington ceased in September so work could begin to prepare the venue for next year's race.
Silverstone has hosted every British Grand Prix since 1987, while Donington, which is synonymous with MotoGP, has held only one F1 race, the European Grand Prix in 1993.
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