Off Topic: CIRCUIT of WALES

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

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Would love this to happen

If it was to be built in the centre of Cardiff it would definitely go ahead

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Fingers crossed it happens would be great not only for Blaenau Gwent but the whole of south wales. The cynic in me says its too good to be true and will fall away. Really hope im wrong

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Well it's taken over from another famous track ( forgotten which ) that's a start and can only grow !

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Wez, it's to do with DORNA (who own MotoGP and World Superbikes) as they specifically want a track that is fully motorcycle orientated

Track science says that cars and bikes need completely different layout features, e.g. cambers on corners and the current track in the UK (Silverstone) is used out of necessity rather than choice

The Circuit of Wales would have every feature required by DORNA and would be used more a multitude of other events, as well as drawing in teams and associated industries that will benefit the wider community with employment

Personally, I think it would be fantastic for Wales and MotoGP on my doorstep (I travel a lot to watch it) would be a dream come true

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Wez, it's to do with DORNA (who own MotoGP and World Superbikes) as they specifically want a track that is fully motorcycle orientated

Track science says that cars and bikes need completely different layout features, e.g. cambers on corners and the current track in the UK (Silverstone) is used out of necessity rather than choice

The Circuit of Wales would have every feature required by DORNA and would be used more a multitude of other events, as well as drawing in teams and associated industries that will benefit the wider community with employment

Personally, I think it would be fantastic for Wales and MotoGP on my doorstep (I travel a lot to watch it) would be a dream come true

I agree it's a good thing but would of loved formula one to be there as well

Be fantastic if it goes ahead. Hopefully the rail and road links will be upgraded as well to cope with the volume of traffic. Wish I had kept my gixer now!!!

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Wez, it's to do with DORNA (who own MotoGP and World Superbikes) as they specifically want a track that is fully motorcycle orientated

Track science says that cars and bikes need completely different layout features, e.g. cambers on corners and the current track in the UK (Silverstone) is used out of necessity rather than choice

The Circuit of Wales would have every feature required by DORNA and would be used more a multitude of other events, as well as drawing in teams and associated industries that will benefit the wider community with employment

Personally, I think it would be fantastic for Wales and MotoGP on my doorstep (I travel a lot to watch it) would be a dream come true

I agree it's a good thing but would of loved formula one to be there as well

I agree, Wez (particularly as Silverstone is threatening to pull the plug on the Grand Prix in two years time) but DORNA are a pretty powerful outfit and can pretty much dictate the terms

Be fantastic if it goes ahead. Hopefully the rail and road links will be upgraded as well to cope with the volume of traffic. Wish I had kept my gixer now!!!

If it does happen the duelling of the heads of the valleys should be complete by the time it would be built. A hell of a lot better road than it was some time ago and you wont have to go through any towns it will be straight off the hov road

There was a documentary on late last year, panorama I think, investigated it because of money going missing. Pretty sure it is a con job by a guy to get people to invest then claim it failed.

Fingers crossed it happens would be great not only for Blaenau Gwent but the whole of south wales. The cynic in me says its too good to be true and will fall away. Really hope im wrong

are you sure ? "the whole of South Wales" I think not

http://www.bbc.co.uk/iplayer/episode/b0 ... a-safe-bet

Fingers crossed it happens would be great not only for Blaenau Gwent but the whole of south wales. The cynic in me says its too good to be true and will fall away. Really hope im wrong

are you sure ? "the whole of South Wales" I think not

http://www.bbc.co.uk/iplayer/episode/b0 ... a-safe-bet

Again if it does come off the surrounding areas will hopefully be the main beneficiaries which i dont think too many would begrudge seeing the lack of jobs and investment around here.
If the whole project of the track and the outdoor activities allegedly planned happen a big leisure facility and world class motorcycle racing within an hour of the main population of south wales then yes i think its good for the whole region

Fingers crossed it happens would be great not only for Blaenau Gwent but the whole of south wales. The cynic in me says its too good to be true and will fall away. Really hope im wrong

are you sure ? "the whole of South Wales" I think not

http://www.bbc.co.uk/iplayer/episode/b0 ... a-safe-bet

Bitter jack alert. It's not fair Cardiff gets everything...........

Fingers crossed it happens would be great not only for Blaenau Gwent but the whole of south wales. The cynic in me says its too good to be true and will fall away. Really hope im wrong

are you sure ? "the whole of South Wales" I think not

http://www.bbc.co.uk/iplayer/episode/b0 ... a-safe-bet

Bitter jack alert. It's not fair Cardiff gets everything...........

Ebbw Vale is hardly Cardiff

This will never happen. The directors of the development company have a poor track record - pun intended. They were even talking about BMW World! Don't make me laugh.

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Wez, it's to do with DORNA (who own MotoGP and World Superbikes) as they specifically want a track that is fully motorcycle orientated

Track science says that cars and bikes need completely different layout features, e.g. cambers on corners and the current track in the UK (Silverstone) is used out of necessity rather than choice

The Circuit of Wales would have every feature required by DORNA and would be used more a multitude of other events, as well as drawing in teams and associated industries that will benefit the wider community with employment

Personally, I think it would be fantastic for Wales and MotoGP on my doorstep (I travel a lot to watch it) would be a dream come true

I agree it's a good thing but would of loved formula one to be there as well

You were asking what the Welsh Government has done earlier, well...

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Wez, it's to do with DORNA (who own MotoGP and World Superbikes) as they specifically want a track that is fully motorcycle orientated

Track science says that cars and bikes need completely different layout features, e.g. cambers on corners and the current track in the UK (Silverstone) is used out of necessity rather than choice

The Circuit of Wales would have every feature required by DORNA and would be used more a multitude of other events, as well as drawing in teams and associated industries that will benefit the wider community with employment

Personally, I think it would be fantastic for Wales and MotoGP on my doorstep (I travel a lot to watch it) would be a dream come true

I agree it's a good thing but would of loved formula one to be there as well

You were asking what the Welsh Government has done earlier, well...

Well?

Major boost for Circuit of Wales as it is expected to confirm it has raised £425m to build it
By Sion Barry


The proposed Circuit of Wales racetrack project for Blaenau Gwent is expected to receive a major boost on Wednesday with confirmation that it has secured a commitment of £425m in private finance to build it.

Earlier this month Economy Secretary, Ken Skates, set a two week deadline to the company behind the project, Heads of the Valleys Development Company (HoVDC), to submit a new business plan, as well as the identity of its financial backers and their respective term sheets - the documents which set out the terms on which they are willing to invest.

A cornerstone investor is pension giant Aviva Investors, who are understood to have committed around £270m, which would be repayable over a 35-year period.

Around £85m in debt finance has been raised by HoVDC's corporate advisors Kleinwort Benson, with an element of the project's costs also being secured through equity.

However, Aviva will only invest if the Welsh Government provides an underwriting position of around £210m - which is less than 50% of the project's cost.

Any underwriting from the Welsh Government would only kick in once the track, on more than 800-acres of de-registered common land near Ebbw Vale, is completed.

The Welsh Government declined to comment, but it is understood that it will confirm on Wednesday that it has received what is the latest in a line of business plans from HoVDC and the identity of its financial backers.

The Welsh Government will now have to undertake a thorough due diligence on the latest business and financial case, before deciding whether it is willing to provide an underwriting position or not.

No time frame has been put on this, but is expected to take at least a month.

If the project is backed this could see work on the racetrack starting in the spring, with a completion date of 2019 - and in time to stage motorcycling's MotoGP.

HoVDC declined to comment.

The latest business plan from HoVDC is expected to rule out the circuit being able to stage Formula 1 at any future point.

HoVDC are confident that the project can develop an automotive cluster around the track, as well as being a major leisure facility.

However, the Welsh Government will not provide any future support - including the underwriting of major events attracted to the circuit.

So far the Welsh Government has provided £9m in financial support to HoVDC

Would love it to happen but why not build it to host formula one specifications too

Wez, it's to do with DORNA (who own MotoGP and World Superbikes) as they specifically want a track that is fully motorcycle orientated

Track science says that cars and bikes need completely different layout features, e.g. cambers on corners and the current track in the UK (Silverstone) is used out of necessity rather than choice

The Circuit of Wales would have every feature required by DORNA and would be used more a multitude of other events, as well as drawing in teams and associated industries that will benefit the wider community with employment

Personally, I think it would be fantastic for Wales and MotoGP on my doorstep (I travel a lot to watch it) would be a dream come true

I agree it's a good thing but would of loved formula one to be there as well

You were asking what the Welsh Government has done earlier, well...

?