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Updated Circuit of Wales plan being assessed

An improved financial plan for the Circuit of Wales project has been formally submitted to the Welsh Assembly.
An improved financial plan for the Circuit of Wales project has been formally submitted to the Welsh Assembly which will see ministers decide whether to give the green light, potentially within a month.

Earlier this month Welsh Assembly Economy Secretary Ken Skates ordered a two-week deadline to the Head of Valleys Development Company in charge of the project for a revised business plan outlining funding partners plus the commercial viability of the circuit to the region.

The plans have now been submitted and ministers will weigh up the details before making a final decision. Economy Secretary Ken Skates says the deal was 'certainly better' than the one last July, when the Welsh Assembly rejected the plan asking the government to underwrite 100% of the project.

Skates has confirmed the names of private investors have been given, including banking firm Kleinwort Benson, and the project will be assessed on its delivery plus a fit and proper person test on the directors.

"We will seek clarity on the types and number of jobs directly and indirectly resulting from the project," Skates said in a statement. “Plus how those job numbers compare to the initially reported figure of 6,000, as well as the likely number of jobs that would be filled by local people.”

If the Welsh Assembly approves the financial plan, with a decision expected within a month, it is likely to spark the start of the initial building work at the Ebbw Vale site.

"We are working to a proactive timeline and look forward to beginning construction by the spring of this year,” a spokesman for the Head of Valleys Development Company told the BBC.

A due diligence and assessment will now begin by an independent body to check the assets and liabilities of the companies involved which is estimated to take between four to eight weeks.

Last month the project announced a new partnership with sports company Extreme to develop sport facilities, music venues and hotels on the circuit site but Extreme would not be injecting any additional funding to its business plan.

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. The project holds hosting duties for the British MotoGP race until 2024.






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Cadweller

February 08, 2017 7:00 PM

The improved package now features 10% discount at Poundstretchers, a one month Autoglass warranty on crystal balls, an exclusive bring-your-own gravel & shovel offer and a "Circuit Of Wales - I wasn't there. And neither was anyone else." souvenir T shirt.



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