Soldato
And some bemused looking sheep.
£280m "Circuit of Wales" given go ahead.
- Thread starter -westy-
- Start date
And some bemused looking sheep.
Soldato
Soldato
Soldato
I think it is likely to run up a few more million in debt before ultimately failing before being completed.
Still, at least the lead developer has had his garden paid for.
Still, at least the lead developer has had his garden paid for.
Soldato
Yep, some shady people getting rich
Soldato
Lol, 967k for services, nice work if you can get it.
Soldato
As much as I'd love another grade 1 circuit in the UK, this has white elephant written all over it. Not to mention all the dodgy deals going on with various government officials and private contractors.
There is not a cat in hells chance this circuit will happen.
Deleted member 651465
D
Deleted member 651465
Given that it's just taken our health board (the catchment area of Circuit of Wales) YEARS to get the final approval to build a £350M specialist critical care centre (super hospital), you may as well forget this idea. Won't happen.
Soldato
Circuit of Wales reportedly loses £1.2 million at Silverstone
Circuit of Wales reportedly loses £1.2 million at Silverstone
http://www.motorcyclenews.com/sport...s-reportedly-loses-12-million-at-silverstone/
Circuit of Wales reportedly loses £1.2 million at Silverstone
http://www.motorcyclenews.com/sport...s-reportedly-loses-12-million-at-silverstone/
Man of Honour
Work supposed to start in 2013 and still nothing? Well this seems like a well run project.
Deleted member 651465
D
Deleted member 651465
Oh my
Soldato
The longer this goes on the more I think they never had any intention of building a circuit. They just wanted to line pockets with public money.
Deleted member 66701
D
Deleted member 66701
Oh my
An error in getting found out more like!
Soldato
Utter farce, it's a joke how public funds have basically been stolen yet no one will go to prison for it.
Soldato
A leading economist who acts as an advisor to the Welsh Government on strategic infrastructure investment has slammed the Circuit of Wales project, casting doubt on plans to underwrite the £425 million project with government money while speaking to WalesOnline.com
Professor Gerry Holtham concluded that the project was ‘very risky at best’ and admitted that the only reason that he can imagine anyone would want to build a track ‘is to lose money’ in the damming statement to the local media outlet.
“To outsiders, with no particular expertise in the motor-racing business, this project has some very odd features. Firstly, it is apparently the case that no established motor racing facility in the UK reliably makes money. For that reason they are not expensive to buy.
“I am told that Silverstone, the premier location which hosts Formula One, could be bought for somewhere around £50m. Yet here we have a proposal to build from scratch a second class asset at nine times the cost of an existing first-class asset. The only reason I can think of for doing that is you are eager to lose money.
“The apparent justification for this quixotic venture is that the new racetrack would attract lots of associated businesses in the motor racing or general automotive sector. Why that should be so is mysterious.”
Originally proposed in 2011 and scheduled to get construction underway in 2013, the Circuit of Wales has yet to break ground. However, organisation remain as the rights holders of the British round of the MotoGP championship, signing a ten-year deal with rights holders Dorna in 2014 but subsequently leasing Silverstone to run the race.
The project did come a step closer to starting in earnest last week, however, when organisers finally submitted a construction plan to the Welsh Assembly that requires less than 50% of public underwriting, always a key stipulation. That plan is now undergoing due diligence, a process expected to last up to a month
Professor Gerry Holtham concluded that the project was ‘very risky at best’ and admitted that the only reason that he can imagine anyone would want to build a track ‘is to lose money’ in the damming statement to the local media outlet.
“To outsiders, with no particular expertise in the motor-racing business, this project has some very odd features. Firstly, it is apparently the case that no established motor racing facility in the UK reliably makes money. For that reason they are not expensive to buy.
“I am told that Silverstone, the premier location which hosts Formula One, could be bought for somewhere around £50m. Yet here we have a proposal to build from scratch a second class asset at nine times the cost of an existing first-class asset. The only reason I can think of for doing that is you are eager to lose money.
“The apparent justification for this quixotic venture is that the new racetrack would attract lots of associated businesses in the motor racing or general automotive sector. Why that should be so is mysterious.”
Originally proposed in 2011 and scheduled to get construction underway in 2013, the Circuit of Wales has yet to break ground. However, organisation remain as the rights holders of the British round of the MotoGP championship, signing a ten-year deal with rights holders Dorna in 2014 but subsequently leasing Silverstone to run the race.
The project did come a step closer to starting in earnest last week, however, when organisers finally submitted a construction plan to the Welsh Assembly that requires less than 50% of public underwriting, always a key stipulation. That plan is now undergoing due diligence, a process expected to last up to a month