Bernie has Donington ‘get out’ clause
Some paddock sages expressed cynicism earlier this weekend when it was announced that the race is to move from Silverstone to the Leicestershire venue, which is pledging a $200m upgrade.
Quizzed by BBC radio program Sportsweek, Gillett admitted: "There are no 'get out' clauses other than the fact we have to be at the suitable standard by that time.
"If we're not ready, in the same way that if anybody else wasn't ready, then I'm sure Bernie Ecclestone would look to do something (else) as he cannot jeopardize the grand prix."
Other rumors in the Silverstone paddock this week suggested Ecclestone himself could be among the mystery backers of the Donington deal.
"Bernie has not invested," Gillett insists.
"We are looking to start a fan-based debenture scheme, in much the same way that Wembley and all major the stadiums across the world are looking to use their fan power, and we'll use this to invest and develop the circuit."
He said some suggestions about the scale of development needed to get Donington up to F1 standard have been overstated.
"I think everyone will be surprised at how little needs to be done," Gillett added.
"We have a track that is not far off from being suitable for F1 at the moment — we only ran a grand prix in 1993. We have to build a new pit paddock and infrastructure."