The Circuit of Wales has given its full response to the Welsh Government's decision to reject its public funding proposal and is critical of its findings which were 'notable for inaccuracies'.

In a 2,960-word statement, the Circuit of Wales has published a six-point explanation on its versions of events which led to the government turning down its funding plan while taking aim at points which it feels are incorrect and need addressing.

With a detailed explanation, the Circuit of Wales gives a breakdown of the cost of funding being asked for from the Welsh Government, which it argues is much lower and more valuable than what was described by the government's rejection statement, refutes the criticisms of the number of jobs created and how it was never informed about the Office for National Statistics and Treasury discussions during the due diligence period.

The statement also outlines 28 official meetings between ministers and the project leaders and says 'at no point during this process were any significant concerns raised' before Tuesday's rejection announcement.

Regarding the high risk of public funds which appeared to be dissuade Economy Secretary Ken Skates about the project, the Circuit of Wales details its independent financial advisor information and dismisses Skates' argument of better use of public money on schools and hospitals.

"Our own independent advisors have opined there is only a remote risk this will go on balance sheet," the statement explains. "Specifically, on the balance sheet tests the independent reports have confirmed that:

1. the guarantee is for 48% of the total funding;
2. the Welsh Government would actually benefit from a fee being paid to it each year by the company for providing the guarantee (?2.5m and then increasing with inflation);
3. the Welsh Government does not exert enough influence over The Circuit of Wales (e.g. it owns no equity in the project) to call it a public body so the project finance does not add to government borrowing;
4. the Welsh Government does not underwrite sufficient financing in substance because the total public support comprises less than 25% of the overall funding in real terms (using the Treasury's own guidance and analysis)

"We wholeheartedly disagree that the support for The Circuit of Wales would be on balance sheet and would require the Welsh government to limit its budget and compromise the building of schools and hospitals."

The statement also argues against the 'only 100 full-time jobs created by the project' by quoting its own independent advisor findings stating '4,358 permanent jobs and 4,809 part time jobs would be created by the circuit, technology park and property development'.

As a result, the Circuit of Wales is keen to meet with the Welsh First Minister, Carwyn Jones, in order to revise the Welsh Government's decision.

"To conclude, Mr Skates and the Cabinet have rejected our proposal for the Welsh Government to provide a limited financial guarantee to a world leading investor, with no need to invest any public money, or take any construction risk, whilst delivering overwhelming value for money," the statement summarised.

"The project is commercially viable even under downside scenarios, and the Welsh Government would receive a fee of ?2.5 million per year, with the project delivering a net economic contribution to Wales of ?45 million, every year for the future.

"There appears to be a fundamental misunderstanding of the project risks born by the private sector and we encourage an early meeting with the First Minister to reconsider the decision."

The venture secured a deal with Dorna to host the British MotoGP from 2015, but the lack of progress meant a deal was then reached between Circuit of Wales and Silverstone.

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, with an option in place for 2018. The MotoGP deal in place for the Circuit of Wales is for five years, with the option of a further five-year extension, which began in 2015.

To read the full Circuit of Wales statement follow this link.