£315m Circuit of Wales project in “final stages” of deal with investors

9th February 2016 SWVaux

The Circuit of Wales is in the “final stages” of a deal with financial investors understood to be Insurance giant Aviva who will be backing the project.

The £315 million project was given the green light for development in November last year after the Welsh Government gave approval for more than 600 acres of common land to be deregistered.

And in December Blaenau Gwent council revealed work to build the racetrack could start as early as Easter.

Now the developers behind the Circuit of Wales project have said they are in the closing stages of the due diligence process with the financial investors who will be supporting the project.

The due diligence process is an investigation which is done before signing a contract.

A spokesman for the Circuit of Wales project said: “In line with the exclusive nature of these agreements, Circuit of Wales will not be commenting on the potential identity of the financial institutions involved.

“Once these have been completed, the supporters of the project will be publicly announced and detailed construction timelines revealed.”

It is hoped the motor sport complex, north of the Rassau Industrial Estate, will bring 6,000 full-time jobs and around 750,000 visitors a year, pumping £45 million into the local economy each year.

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