Welsh Government First Minister Carwyn Jones is continuing to back the Circuit of Wales development but has put the onus on private finances instead of using taxpayers’ money.
Jones says he wants the project to go ahead as it could bring much-needed industry and upwards of 6000 jobs to the Ebbw Vale area but the business model has to be different.
“We have to work with the Circuit of Wales to take the project forward. We have to find a workable model - one that’s fairer on the taxpayers. Any investor coming in has to share some of that risk,” said Jones.
“I would like to see the Circuit of Wales project happen but there’s a lot of work to be done in getting the right model.”
A CoW spokesman said: “We are pleased that the Labour Leader and First Minister Carwyn Jones has recognised the importance of the Circuit of Wales in transforming this area of South Wales, creating employment opportunities and for his commitment to the project.
“All parties involved are still committed to delivering this project and we are confident that the structure of the modified financing arrangement that all parties are working towards will enable a working solution to be found. The transformational nature of the project is vital to the long term future of Blaenau Gwent and the Ebbw Vale community and we continue to work with all parties to deliver the project.
“It is important to recognise that these types of project require an enabling role of government for which commercial returns are expected and this type of private/public financing will be normal for major regeneration projects.
“The 830 acre Circuit of Wales development is much more than a race track, with detailed conversations ongoing with major motor manufacturers, event organisers and leisure operators to bring their related businesses, events and facilities to the development. The 300 acres of commercial development will allow for the continued development of South Wales as a leading destination for automotive businesses.”
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