Circuit of Wales submits revised funding plan

The Circuit of Wales have submitted a revised funding plan to the Welsh government. The new plan reduces the amount of financial guarantee required from the regional assembly by half, covering 50% of the £370 million investment to be fronted by insurance giant Aviva.

The plan was this week to the Welsh Government, after Business Minister Edwina Hart informed the project last month that they would be unable to back the entire investment thanks to rules on government aid.

However, Wales Online has also reported that the plan seeks underwriting for the investment from the two local councils set to benefit the most from the economic benefits of the plan, Blaenau Gwent and Monmouthshire.

With an imminent election in Wales, however, it looks likely that the plan will now become one of the first orders of business for the new minister, with Hart due to step down next week from the Assembly.