Plans for a major motorsport complex in south Wales - capable of hosting MotoGP and World Superbike - are progressing.

First announced late last year, the company behind the project (pictured) says it has now secured enough money for the proposals, which could go to planners soon.

Consultation with residents is now underway and Public exhibitions will commence on 20 August.

A BBC Report states: "Subject to planning permission, the hope is to start work on the site next year and [be] operational by 2015".

An official Circuit of Wales website has been set-up, while a press release provides the following information:

"The Circuit of Wales, spanning 830 acres, will be located in Ebbw Vale in Blaenau Gwent. It will focus on the low carbon automotive industry and international motor sports and will be delivered by The Heads of the Valleys Development Company.

"A world class 3.5-mile circuit will be created and built on unique topography. Developed in line with FIA (Federation Internationale de l'Automobile) and FIM (Federation Internationale de Motocyclisme) standards, it will be designed to host international motor sports events such as MotoGP, World Superbikes, World Motocross and Touring Car.

"As well as the performance circuit, the project will include investment in industrial, commercial and leisure developments. It will also provide opportunities for the growth of advanced engineering, education, safety in motor sports and green transport-related businesses. The main circuit will be accompanied by an international kart track and motocross tracks.

"Importantly, the development will play a major role in finding the next generation of motor sport stars: a leading motor sport race academy will be created to develop young British and European elite riders and drivers. It is envisaged a planning application will be submitted to Blaenau Gwent County Borough Council in late September / early October this year.

"Michael Carrick, Chief Executive of The Heads of the Valleys Development Company, is the Director in charge of delivering the project. The founder of Aventa Capital Partners, which focuses on infrastructure investments, Carrick was previously Global Head of Infrastructure Investments at Merrill Lynch."

Silverstone in Northamptonshire currently hosts the British round of the MotoGP World Championship, while both Donington Park and Silverstone host WSBK.