Circuit of Wales takes a step closer
Following months in limbo, the Circuit of Wales took a major step forward with the submission of a new funding plan to the Welsh Government. The move is significant as it reduces the amount of government underwriting needed to under 50% of the £425m budget.
The Heads of the Valleys Development Company first submitted a proposal to the Welsh Assembly last July, but the plan was rejected due to the total government risk in the project being up to 80% of the ballooning cost to construct the circuit. Welsh Economy Minister Ken Skates told them at the time that the figure would have to be reduced to under 50%, something that now seems to have happened.
However, while the project has cleared a major hurdle it’s still a way off being constructed with Skates warning that due diligence checks would still need to be conducted before any government funding was approved.