General

Circuit of Wales expected to announce Aviva as financial backer

But Silverstone will host MotoGP for the next two years while construction work takes place

THE Circuit of Wales is expected to name the insurance company Aviva as its financial backer for the £300 million project in the Ebbw Vale area of south Wales.

According to BBC Wales, CoW's Chief Executive Martin Whitaker has said that an announcement will be made ‘very soon.'

Another spokesman for the circuit has said it’s currently going through the due diligence process with its financial investors. Once the process is complete, those investors will be made public, along with a construction timetable.

In November last year, the Welsh government accepted the planning application for the project. The Circuit of Wales is expected to significantly contribute to the area’s regeneration with the creation of up to 6,000 jobs across the track and its planned facilities which include hotels, a training academy and industrial site.

The Circuit of Wales signed a five-year deal with Dorna which started in 2015. Dorna originally hoped to move the British round of MotoGP to Ebbw Vale in 2017 but following delays in confirming financial backing, the move is likely to be postponed by a year, meaning CoW will begin hosting MotoGP in 2018.

Aviva is the largest insurance group in the UK and has 31 million customers across the world.

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