Welsh Government says' no' to plan to underpin development of world-class £425m track
The Welsh Government has sounded the death knell for one of the country's most ambitious construction projects by deciding not to support the Circuit of Wales racing centre.
Located on an 830-acre site near Ebbw Vale, just north of Cardiff, the Circuit was to be one of the UK’s most significant capital investment programme in automotive, motorsport, sports, leisure and arts and exhibition infrastructure in the last 50 years, attracting 750,000 visitors each year.
It was planned to host major international motorsport events such as the World Championship British MotoGP – for which it has already signed a 10-year agreement.
But today Economy and Infrastructure Cabinet Secretary Ken Skates said: "With our current limited borrowing ability, Cabinet decided that the potential impact on the public finances of the current proposal before them was too great, when considering the many other priorities for the public purse, and decided that the Welsh Government is unable to offer the financial guarantee requested on this proposal."
Mr Skates said there would still be a significant boost for the area, adding: "The Welsh Government is committing to building a new automotive technology business park in Ebbw Vale, with funding of £100million over 10 years, with the potential to support 1,500 new FTE jobs."
There was no immediate response from the team behind the project.