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February 15th, 2016, 11:38 AM   #41
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April 6th, 2016, 04:03 AM   #42
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Quote:
Originally Posted by lil red rocket pilot View Post
apparently they are starting construction in February this year.
So here we are in April, and still nothing. Except for this fluff piece:

Quote:
The Circuit of Wales remains confident it will be given the green light and signed-off by the Welsh government this week as critical deadlines loom.

It is a crucial week for the Circuit of Wales, which has faced a number of hurdles since it was first announced in 2013, with a decision set to be made on whether the investment of taxpayers' money is classified as state aid – which is illegal under European Union Law for such a project.

The Welsh Government is estimated to be investing 32m in the circuit, having already committed 17m with around 2m spent on the lengthy planning and public inquiry.

The issue was sparked by legal advice given to Welsh Assembly minister Edwina Hart MP which says the investment is considered state aid and therefore illegal.

Circuit of Wales lawyers maintain the project providing up to 6,000 new jobs in the Blaenau Gwent area, but without Hart signing-off the project could collapse entirely.

It has also been confirmed that Aviva, who is estimated to be putting 350m into the project, have shown known signs of wavering despite latest speculation after archaeological excavation work began at the Ebbw Vale site.

A decision is being pushed with a deadline of Thursday before the Welsh Assembly will be dissolved ahead of next month's elections.

The Circuit of Wales project is aiming to create up to 6,000 new jobs at the track, two hotels and an industrial site. The venture secured a five-year deal with Dorna which began last year and had originally hoped to move the event to Ebbw Vale in 2017 but after interruptions in confirming financial backing MotoGP has been delayed by 12 months, with the Welsh circuit expected to take over hosting duties in 2018.
Read more at MotoGP News - Circuit of Wales confident it's still on course for go ahead
And here's the weather forcast for Ebbw Vale:

http://www.bbc.co.uk/weather/2650285
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April 6th, 2016, 04:05 AM   #43
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What's the bet Edwina Hart will be given a rather generous back hander?
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April 6th, 2016, 05:30 AM   #44
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Yeah, because Rockingham was a huge economic and social success wasn't it?
Remember when they ran BSB there for a few years and half the circuit was blighted by standing water? The drainage is atrocious and to make matters worse, it was built on a flood plain.
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April 6th, 2016, 06:28 AM   #45
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I don't remember that but I had the misfortune of driving Rockingham in the wet once, in one of those Uniroyal cup beetles. Slicker than greased goose shit.
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April 6th, 2016, 11:32 PM   #46
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It's over, the Welsh government has backed out. No way on earth this gets built now.

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The Welsh Government says it cannot underwrite the full 357m of Circuit of Wales but the project will continue with further negotiations, according to CEO Michael Carrick.

Edwina Hart MP has confirmed there is an 'unacceptable risk' for the government to underwrite the entire project having taken external legal advice.

Earlier this week the Circuit of Wales, which has faced a number of hurdles since it was first announced in 2013, expected a decision set to be made on whether the investment of taxpayers' money is classified as state aid – which is illegal under European Union Law for such a project. Circuit of Wales lawyers had maintained the project would provide up to 6,000 new jobs in the Blaenau Gwent area, but without Hart signing-off the project could collapse.

In an open letter from Hart to First Minister Carwyn Jones, the government has been working with the Circuit of Wales for a viable solution without success but is still open to supporting the project if any new investors can be found to help.

"As you will be aware we have been working to support this project for a significant period of time and have already in effect spent around 9m in support of its development,” Hart's letter said. "We also explored sharing the risk with several local authorities, and as you are aware that option also failed unfortunately.

"In these last few days we have considered that a guarantee of 80% of the total value of the project may have reduced our risk to an acceptable level, but the circuit have not been able to secure any real private risk capital and so this option has not been possible."

Ministers had initially agreed to provide a grant aid of 16m to support the jobs created by the Circuit of Wales but negotiations faltered when the Welsh Government was asked to provide financial guarantee to the private funding from backers Aviva.

Michael Carrick, CEO of Heads of The Valleys Development Company which is behind the project, has confirmed talks with the Welsh government and Aviva will continue with the plan now delayed.

"We respect and understand the minister's decision on the support for a 100% guarantee for our private funding,” Carrick said. “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.

“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 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."

The project could be delayed further with the Welsh Assembly being dissolved ahead of next month's elections and a revised schedule is to be expected.

The Circuit of Wales project is targeting the creation of between 4,000-6,000 new jobs over the next ten years through commercial developments, planned business relocations and motorsport-related opportunities.

The venture secured a five-year deal with Dorna which began last year and had originally hoped to move the event to Ebbw Vale in 2017 but after interruptions in confirming financial backing MotoGP has been delayed by 12 months, with the Welsh circuit expected to take over hosting duties in 2018.
I'm glad too. It would be a joke for the Welsh goverment to plough millions into this, when probably the biggest employer in South Wales (Port Talbot Steelworks, with up to 40,000 employees) is laying people off and getting no government help that I know of.

Last edited by #22; April 6th, 2016 at 11:35 PM.
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April 7th, 2016, 01:34 AM   #47
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It's over, the Welsh government has backed out. No way on earth this gets built now.

I'm glad too. It would be a joke for the Welsh goverment to plough millions into this, when probably the biggest employer in South Wales (Port Talbot Steelworks, with up to 40,000 employees) is laying people off and getting no government help that I know of.
My Mothers partner used to work there when it was British Steel and subsequently CORUS. Purportedly losing 1m a day. To be fair the Sanjeev/Liberty Group talks are being facilitated by the government who I'm confident will offer some concessions or level of subsidy to encourage a buy out.
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July 12th, 2016, 11:24 AM   #48
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New funding plan....good luck.

MotoGP News - Circuit of Wales delivers revised funding plan
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July 12th, 2016, 11:35 AM   #49
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http://www.motorcyclenews.com/sport/...rectors-house/

Content Warning: Look TITTIES (.)(.)
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July 12th, 2016, 12:42 PM   #50
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Originally Posted by Jumkie View Post
This should be the definitive proof that the Circuit of Wales is never going to be built, nor was it ever planned on being built. The entire endeavor was meant to defraud the local government rather than to ever have a race circuit built. A shame since I actually think the Circuit of Wales would have been a really nice venue had there ever been an intention to build the thing. Once the Circuit is being billed for gardening work at someone's house, that's how you know the end of the road is near. I think they were attempting to pull a John DeLorean and sucker the government.
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