Photo: circuitofwales.com
The Circuit of Wales might have just gotten one big step closer to becoming a real racing venue, as a deal with the insurance giant Aviva appears to be almost closed. The info that surfaced on the internet at the time of writing is not clear enough as to whether Aviva will cover the entire funding or only a big chunk of it.
Sources in the British media mention Aviva participating with a "lion's share," which, until proven differently, means that there will be other private investors funding the Circuit of Wales, too. The costs of the entire project are estimated at around £330 million, which stands for $476m or €426m.
The Circuit is also said to receive public funding worth £30 million ($43.3m or €38.7m), but representatives of other racing venues in the UK that don't get financing from the state are said to stand against such loans from the Welsh government.
Aside from the financial support from the investors, it looks like the Circuit of Wales has some more obstacles that need to be cleared until the actual construction can start. Motomatters mentions "a 600mm high pressure gas line, which supplies a large portion of South Wales, crosses the site, and the environmental plan imposes several severe conditions on dealing with the gas pipeline, demanding that large groups of people are kept more than 195m away from the pipeline, and that building be done with care."
This means that the UK Grand Prix rounds will still be hosted at Silverstone in 2016 and 2017, and only then move to the new location in the southern Wales.
The Circuit is also said to receive public funding worth £30 million ($43.3m or €38.7m), but representatives of other racing venues in the UK that don't get financing from the state are said to stand against such loans from the Welsh government.
MSV, who operates multiple venues in the UK, speaks against public funding
Jonathan Palmer, the head of MSV (Motorsport Vision), says that he and his company are ready to challenge the government's decision to provide public funds for the Circuit of Wales. MSV currently operates no less than five venues, some of which are regarded as vital for motorsport in the UK. The list includes Brands Hatch, Oulton Park, Caldwell Park, the Snetterton circuit and the Bedford Autodrome.Aside from the financial support from the investors, it looks like the Circuit of Wales has some more obstacles that need to be cleared until the actual construction can start. Motomatters mentions "a 600mm high pressure gas line, which supplies a large portion of South Wales, crosses the site, and the environmental plan imposes several severe conditions on dealing with the gas pipeline, demanding that large groups of people are kept more than 195m away from the pipeline, and that building be done with care."
Silverstone will host the MotoGP rounds in 2016 and 2017, in case everything plays out well
If the Circuit of Wales secures the funding and sorts out the remaining standing issues with the location in the Ebbw Vale, the venue could become operational in 2018.This means that the UK Grand Prix rounds will still be hosted at Silverstone in 2016 and 2017, and only then move to the new location in the southern Wales.
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