Circuit of Wales boss Michael Carrick has said the planned developments will continue even without backing from the Welsh Government, which was withdrawn earlier this afternoon.
In a statement, Carrick insists the track and all the associated industrial and commercial projects that were part of the plan will still go ahead and negotations with the government and with backers Aviva will continue.
"We fully recognise and appreciate the support and commitment of The Welsh Government and the private sector partners over many years to get a project as complex as The Circuit of Wales to a point where construction is imminent,” he said.
"The Circuit of Wales is a significant mixed-industry development with the potential to deliver widespread regeneration benefits to the South Wales region. Many observers near to the site will have noted that the pre-enablement works and ecology activity has already commenced and we have a range of contractors engaged on creating sustainable employment opportunities in this challenged area.
"We respect and understand the Ministers decision on the support for a 100% guarantee for our private funding. While this was our clear preference and reflective of the negotiations we have held over the past six months, we accept that the project will need to progress on revised terms.
"We will continue negotiations with The Welsh Government, the local authorities and Aviva Investors to advance the development on revised terms that will be acceptable to all parties."