Meetings had been taking place today to update staff at the racetrack about the finances of Donington Ventures Leisure Ltd.
It has now been confirmed that Nigel Price, in the Birmingham office of Begbies Traynor, has been appointed to oversee the company's administration period.
The announcement comes after chief executive Simon Gillett lost out on a 17-year contract to host Formula One racing from next year.
Formula One supremo Bernie Ecclestone ruled out the possibility after a deadline passed for Donington to prove it had the finances in place to carry out improvements needed to stage the race.
Circuit leaseholder Donington Ventures Leisure Ltd had tried to set up a bond scheme to raise £135m to stage the event.
A spokesman for Begbies Traynor said: "The company which held the lease over the Donington Park motor racing circuit has entered administration.
"DVLL had a 17-year contract with Formula One Administration to host the British Grand Prix round of the Formula One World Motor Racing Championship, signed in July 2008.
"It also had a 150-year lease on the circuit, with landlord, Wheatcroft & Son Limited, signed in January 2007, which also hosts the likes of pop concerts, corporate days and markets as well as motor sport.
"Work has already begun to develop the circuit to Formula One Grand Prix standard.
Administrator, Nigel Price said: "This need not be the end of Formula One racing at Donington."We are certainly hopeful that a 2011 Grand Prix could take place at the site. We are looking for a purchaser for the business and the potential opportunity to bring Formula One to this part of the Midlands by funding the work that needs to be carried out to the circuit. It still remains a fantastic location – next to an airport and main motorway connections. It needs people of vision to get the dream to the starting grid and we would be very interested in talking to interested parties."
Mr Price said Begbies Traynor was still assessing how much was owed to creditors.
Donington Ventures is believed to employ between 20 and 25 people.