Published: 18 February 2016
Promise of £300 million funding could see work finally begin on all-new Welsh circuit
Work may finally be set to get underway at the proposed new home of the British Grand Prix, after reports emerged that the Circuit of Waleshas secured £300 million in funding from insurance giant Aviva.
First reported by BBC Wales, the news would mean that the entire private funding required for construction to start would be in place, backed by £30 million pledged by the Welsh government to help redevelop the Ebbw Vale.
Aviva, best known for its insurance concerns, also invests heavily in strategic infrastructure projects, and is currently believed to manage upwards of £200 billion of property, including a number of key sites in the Welsh capital, Cardiff.
The area of South Wales was left economically devastated in 2002 with the closure of its steelworks, and the new circuit is the centrepiece of the government’s plans to kickstart job creation.
It’s hoped that if the money is now in place, the wait to start building is finally over. New project chief executive Martin Whitaker has told the BBC that an announcement confirming the funding is due “very, very soon”.
Initially announced in 2011, the project has suffered a catalogue of setbacks, with the goal of starting initial building work in January being the latest missed target.
Further delays mean the plan to host the British MotoGP round at the new facility in 2017 may also be scrapped, with the race currently looking set to remain at Silverstone for the foreseeable future.
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