Further delays for Circuit of Wales

18 May 2017 Welsh ministers have postponed an announcement on how to tackle the Circuit of Wales project, citing “gaps and inaccuracies” in applications from developers.

Cabinet Secretary for Economy and Infrastructure Ken Skates said the decision on how to fund the project would “take a final few weeks,” after investors submitted a formal application, including draft investor term sheets, by a mid-February deadline.

“My officials and the appointed external advisors have been progressing the project, but the due diligence process identified many material gaps and inaccuracies in the information contained within the Circuit of Wales application. This further delay has meant the timescale asset in March has slipped,” Skates said.

The Heads of the Valleys development corporation is reported to have asked ministers to cover £210m for the track near Ebbw Vale, with an estimated value of £425m.

The project, which has been touted as a potential hybrid PPP, suffered a number of delays as the Welsh government refused to provide a guarantee to underpin planned investment from Aviva last year.

“The remaining process will take a final few weeks, following which Cabinet will consider the project as soon as is practicably possible,” Skates said.

This page was last updated on:
14 November 2017.

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