April 7 2016.

The Circuit of Wales is revising its plans following the Welsh Government's decision not to underwrite it. Edwina Hart, the Welsh Economy Minister questioned the viability of the project, but other interested parties have criticized the decision.

Michael Carrick, CEO, Heads of The Valleys Development Company commented on Edwina Hart's letter (dated 6th April) to Rt Hon Carwyn Jones regarding The Circuit of Wales project: "We fully recognise and appreciate the support and commitment of The Welsh Government and the private sector partners over many years to get a project as complex as The Circuit of Wales to a point where construction is imminent.

"The Circuit of Wales is a significant mixed-industry development with the potential to deliver widespread regeneration benefits to the South Wales region. Many observers near to the site will have noted that 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 respect and understand the Minister's decision on the support for a 100% guarantee for our private funding. 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.

"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.

"As it stands, the project is getting closer, as the Welsh Government has offered 80% of security, so there is just 20% of guarantee required."

The venue has secured the British MotoGP, potentially until 20124, although it ran the 2015 and will run the 2016 events at Silverstone.