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MotoGP: Circuit of Wales submit latest funding proposal to government

Published: 12 July 2016

The company behind the Circuit of Wales, the Heads of the Valleys Development Company, have submitted a new proposal to the Welsh Government to help underwrite the potential cost of the project.

HOTVDC originally submitted a proposal back before the Welsh Assembly elections that would have required the government to underwrite the entire £357m cost of the project. Business Minister Edwina Hart, who described it as “an unacceptable risk”, rejected the plan.

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However, with the new plan submitted, the government are believed to be close to making a decision on whether to support the new plan, which may finally see construction get underway if completed.

Project boss Michael Carrick, who was in the news this week for an accounting mix-up that saw £35,000 of gardening accidentally invoiced to the CoW, is confident that the decision the government makes will be positive though.

“We’re extremely confident, and the most important thing for us this week is to get the same confidence and certainty from the Welsh government to allow us to move ahead.

“There will be things to talk about and there will be more negotiations, but what we’re looking for is that confidence and certainty that we can pass on to our suppliers, contractors and investors, and that we can get started. We are ready to start.”

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