Two-week deadline for Circuit of Wales funding plans

Credit: Circuit of Wales

Heads of Valleys Development Company have been handed a two-week deadline from the 26 January to submit funding plans to the Welsh Assembly for the Circuit of Wales.

Speaking at the Welsh Assembly, Cabinet Secretary for Economy and Infrastructure Ken Skates is keen to know the full funding plans behind the circuit schemes and wrote to the management company.

“The people of Ebbw Vale deserve to know if this project is going to go ahead and crucially if so when,” said Skates. “I am keen to avoid more opportunity costs associated with the project without a final date.

“Therefore I have written to the Heads of Valleys Development Company today asking them to make faster progress on this project and asking evidence to be provided to me of named investor term sheets within the next two weeks.”

Skates took over the Welsh Assembly’s involvement from Edwina Hart, he rejected plans that were submitted last July, where the Circuit of Wales bosses asked the government to provide an underwritten guarantee of 75% of the entire project. This was changed to a new target of 50%, but would only commence after the construction is completed.

The project announced a new partnership with sports company Extreme at the beginning of the year, they will develop sport facilities, music venues and hotels on the circuit but they will not supply any funding to its business plan. It is estimated that 10,000 new jobs will be created, along with boosting the region’s tourism and leisure industry as they hope to attract 750,000 visitors per year.