The Circuit of Wales has found a second wind and secured private investor funding – giving newfound hope to becoming a MotoGP mainstay.
The Circuit of Wales has had a rough last several months. The project, announced in 2011, slammed into a rough patch in April of 2016 after the Welsh Government pulled out their support. Since then, we’ve not heard much from them – and yours truly had given up hope on seeing the track return to host MotoGP.
Alas! Such is not meant to be: Private investors to the rescue! Ken Skates, Welsh Assembly Member and Cabinet Secretary for Economy and Infrastructure, has announced on Wednesday that there has been a new plan submitted by Heads of the Valleys Development Company – the company responsible for building the circuit. Within said plan are the plans of several private investors which Skates said “meets the criteria I set out in July.”
The Welsh Government will now proceed undergo a “due diligence” check before it gives the project the go-ahead.
“The due diligence exercise will include rigorous value for money testing and a Fit and Proper Person assessment of the directors. It will also assess deliverability and the long-term sustainability of the proposal. We will seek clarity on the types and number of jobs directly and indirectly resulting from the project; how those job numbers compare to the initially reported figure of 6,000, as well as the likely number of jobs that would be filled by local people.” – Ken Skates
It’s good to hear that the folks over at the circuit will be getting a second chance at making the project come to fruition – once the check is passed. Then again, can you really blame the Welsh Government? If I was expected to greenlight a project of that magnitude, you can bet your ass I’d want every assurance that it would see completion.
Here’s to hoping that their second chance doesn’t end up like their first.