The saga of the Circuit of Wales gets another chapter: the Welsh government has given the organisation behind the project two more weeks to finalise funding. The last plan was rejected because it had a lot of dependency on the government to guarantee the funding.
The Valley Development Company, who is in charge of the project, is having trouble raising funds as well as underwriters for the project. The last time we'd reported on the Welsh circuit, the government had asked the company to reduce the government's contribution to under fifty per cent. Already the equivalent of Rs 77 crore has gone into the project without it starting construction. Dorna, the organisers of MotoGP, say that they're happy with the way things are going with the Welsh circuit, as the British Grand Prix will be run one way or another at Silverstone until the circuit is ready. There have been no problems with payments from the Circuit of Wales to Dorna yet, which is why the deal for the British GP was renewed for another decade in 2014. If cash flow becomes a problem, however, we expect that status to change.
