Cir­cuit of Wales takes a step closer

Motorcycle News (UK) - - Sport -

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.

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