The Circuit of Wales project has announced a new partnership with sports company Extreme to develop action sport facilities, music venues and hotels next to its motorsport circuit.
In a bid to make the Circuit of Wales a '365-day venue' organisers have signed a deal with Extreme as a business partner for a sports park to join its £425 million circuit and infrastructure development.
The proposal details include Mountain Bike Trails, BMX Park, Indoor Skiing, Trampolining, Skatepark, Surf Park, Virtual Reality Zone, Live Music Stages plus two hotels and a campsite.
Once the entire facilities and circuit are completed the project hopes to attract 750,000 visitors every year while creating 10,000 jobs in a bid to boost Wales' tourism and leisure industry.
In October, the Circuit of Wales secured a potential of £100 million from a private banking firm Kleinwort Benson which was hailed as 'the last piece of funding' required by the banking group's managing director Nigel Spray. Extreme is backed by the same private banking firm but will not be funding any of the building work.
“With the growth and interest we are seeing in our sector, it is fantastic to announce this world leading Extreme Destination, combining a never before seen collection of sports, entertainment and leisure experiences,” Alistair Gosling, Chairman and Chief Executive of Extreme, said.
Martin Whitaker, Circuit of Wales CEO, has thrilled to welcome Extreme to the project and sees the partnership as mutually beneficially for both parties.
“Our partnership with Extreme underlines the unique range of activities, facilities and services the Circuit's enterprise cluster will offer,” Whitaker said. “The Circuit aims to provide much more than a racing facility; it will be a 365-day leisure and business destination.
“The support we have received to date from the racing, automotive and investment communities emphasises the Circuit's long-term role in boosting tourism, creating jobs and diversifying the local economy”.
READ: Circuit of Wales confident it can meet revised terms
In November, the Welsh Audit Office confirmed it was investigating how public money was spent in connection to the Circuit of Wales project regarding a £2 million development grant and underwriting £7.35 million bank loan in 2014.
However, reports emerged last month that the Circuit of Wales is 'close' to finalising a new submission to the Welsh Assembly.
The Circuit of Wales project is set to be financially backed by insurance giants Aviva who are potentially lined up to cover to new funding plan changes.
The venture secured a deal with Dorna to host the British MotoGP which began in 2015 and had originally hoped to move the event to Ebbw Vale in 2017. After interruptions in confirming financial backing MotoGP has been delayed by 12 months, with the Welsh circuit expected to take over hosting duties in 2019.
Silverstone has hosted the first two years of the British MotoGP contract the Circuit of Wales holds and will be called upon again for the 2017 race.
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