Tom Wheatcroft, owner of the Donington Park circuit, died on Saturday at the age of 87 following a long illness.
Wheatcroft was a much-admired part of the British motor racing scene, and had run his own teams before coming to prominence when he bought Donington in the 1970s.
The circuit – Britain's premier motor racing venue in the pre-war years and home of the epic 1930s grand prix races that were the forerunner of the world championship – had fallen out of use until Wheatcroft revived it.
Initially used for domestic racing and testing when restored, it also became home to renowned racing car collector Wheatcroft's Grand Prix Collection museum, a treasure trove of rare and priceless Formula 1 machinery from throughout the sport's history.
Wheatcroft had always been keen to get F1 to his track, and he succeeded in 1993 when for one year only the Leicestershire venue hosted a second British race under the European Grand Prix title.
Ayrton Senna famously won the event with a majestic drive in wet conditions.
Two years ago Wheatcroft leased the track to Donington Ventures and its boss Simon Gillett, who secured a deal to run the British GP at the track for 17 years from 2010.
This project fell through earlier this week, the economic downturn having scuppered the company's bid to raise funds for the massive revamp Donington now required to meet modern F1 standards.
Wheatcroft will be sadly missed by the F1 and British motor racing fraternity, which will always be grateful for his tireless enthusiasm for motor racing and Donington, and his massive contribution to the motorsport scene as both a circuit boss and a collector.
McLaren team principal Martin Whitmarsh paid the following tribute: “The term ‘legend’ is maybe used a little too liberally in the world of sport, but without doubt it is justified in the case of Tom Wheatcroft.
“A tank driver as a young man during World War Two, he was a larger-than-life character and an always-engaging conversationalist.
“But he was also an able and successful businessman who contributed a lot more than many people perhaps appreciate to the story of motorsport in Britain.
“He will, of course, be very much missed.
“So, on behalf of all at Vodafone McLaren Mercedes, I would like to convey to his large family and his many friends our sincere condolences at this very sad time.”