Plaid Cymru has called for an investigation into the Welsh Government handling of the Circuit of Wales project. The £425 M project has been beset with difficulties over the last few years and Wales Audit Office has criticised Cardiff Bay giving a £9 M investment loan, and now there is disagreement over when there was suggestion of a partially funded underwriting proposal given to … [Read more...]
Newslines 27 May
A new report into the proposed Circuit of Wales in Ebbw Vale has concluded that the project could make a "significant positive contribution" to the South Wales economy despite the risks. The report from Professor Brian Morgan of Cardiff Metropolitan University concluded that the racing circuit could kick-start a revival in the Valleys and provide long-term and sustainable benefits to the Welsh … [Read more...]
Welsh Government yellow flag for Circuit of Wales
A decision on Welsh Government underwriting half the cost of the Circuit of Wales racetrack faces yet another delay as ministers accused developers of providing "inaccurate" information. The company behind it has asked for a £210m taxpayer-funded guarantee, about half the cost of the scheme after getting over £9 M initial project costs, and said it had responded to every question on a "complex … [Read more...]
Censure over Circuit of Wales spending
Wales Audit Office said there were "significant shortcomings" in the way £9.3 Million of taxpayers' money was spent on plans for Circuit of Wales at Ebbw Vale. Funding was based on a "flawed" appraisal by Welsh Government said the public finance watchdog. Welsh Government said it was “disappointed” by the report as it considers whether to underwrite over £200 Million of investment to create … [Read more...]
Delay to Circuit of Wales decision
A Welsh Government decision on Circuit of Wales will not be given until mid-May at the earliest. Economy secretary Ken Skates has told AMs that there was still information outstanding on the £425M project, including investigations into the financial and business backgrounds of the people behind Heads of the Valleys Development Company. The project was announced over five years ago when it … [Read more...]
£300,000 Pembrey Circuit investment opens
Pembrey Circuit, Carmarthenshire yesterday unveiled the major redevelopment undertaken at the venue over the winter along with the programme over events taking place there during the 2017 season, writes Peter Hughes. On hand to try out and give his views on the new circuit layouts was Formula One racer turned TV pundit Karun Chandhok along with a number of other racers. Also present one the … [Read more...]
Newslines 20 February
As Welsh Government scrutinises a detailed financial proposal to build the £425M Circuit of Wales, it has emerged that nearly £1M was given by the developers to another consultancy headed by the project's chairman. Michael Carrick set up the Heads of the Valleys Development Corporation, which has received £9M grants and loans from Welsh Government for work so far, and also Aventa Capital … [Read more...]
Newslines 10 February
Circuit of Wales has given investor details and a timescale for development of the £425 M motor sport circuit and related businesses to the Welsh Assembly. It has complied with a deadline set two weeks ago by Welsh business secretary Ken Skates and means it will now go to a more detailed plan with rigorous examination of proposals and assertions, and progress towards ground-works starting in … [Read more...]
Clarity call for Circuit of Wales plans
Welsh Conservatives have called for clarity over the future of the Circuit of Wales, ahead of today’s deadline for the project’s backers. The Cabinet Secretary Ken Skates set the Circuit of Wales a deadline of Wednesday 8 February by which to provide assurances that the project’s financial backing was in place, and he is expected to make a statement updating Assembly Members on progress around … [Read more...]
Circuit of Wales two weeks’ deadline
Circuit of Wales has been given two weeks to declare its major backers and show a revised business plan to Welsh Government. Economy Secretary Ken Skates yesterday told Welsh Assembly Members that the Heads of the Valleys Development Company should speed up the scheme overlooking Ebbw Vale. He said there was concern at the long delays in reaching funding agreements and the lack of a … [Read more...]