Despite work already expected to have begun on the Circuit of Wales project, months of negotiation as to the viability of the project have come to an end with Edwina Hart, Economy Minister highlighting “significant question” of the project’s viability.
Although previously hoped that the project would, this week come to a financial close, Edwina Hart has instead outlined an “unacceptable” risk for the project, drawing concerns and unverwriting the entirety of the project despite progress already made thus far. This came as the Welsh Government was unable to see eye to eye with the project’s developers in recent funding talks and could not agree with the 100% guarantee which the developer sought.
The original contract for the construction of the project was initially won by FCC all the way back in 2002, which was in partnership with Alun Griffiths, which has since backed out of the project. Though Roadbridge had reportedly taken the place of Alun Griffiths in the project, the recent announcement signifies a considerable hit to the contractors on the already greatly delayed scheme.
The scheme was originally expected to see a commencement in construction all the way back in 2013, yet funding and planning permission woes saw the project delayed until now. The recent news then highlights growing concerns as to if and when the project will eventually reach an official construction start. It is, however, still hoped that the scheme will be completed before the Moto GP race to be held in 2018, for which the venue is expected to play host up until 2024 at the very least.
Of course, the project has not been entirely scrapped as of yet, as it is expected that Heads of the Valleys Development Company will continue to maintain talks with the Welsh Government, yet construction of the racetrack will be delayed once again, with the outlook for the project remaining regrettably bleak.