£300m Circuit of Wales finance on track in Ebbw Vale

The aim is to open the circuit in 2017

The man behind the Circuit of Wales says all the finance needed for the project has been pledged and he expects work will start on the site in Ebbw Vale by the end of the year.

Michael Carrick has been in south Wales meeting potential investors and representatives of potential employees.

The circuit aims to create 6,000 jobs and host the MotoGP from 2017.

A week ago, the Welsh government said it was "minded to grant" a take over of common land for the circuit.

Mr Carrick, chief executive of the Heads of the Valleys Development Company (HVDC) told BBC Wales that now the £300m project has been given the green light by the government he is "actively reaching agreements" with organisations who have said they are interested in investing.

He said he has all money needed from the private sector pledged but now needs formal agreements with all those bodies.

Circuit of Wales has had initial public money too - £2m from the Welsh government - and Mr Carrick says he has applied for another £18m.

Mr Carrick said he expects to have all the finance signed and sealed by the end of this year when they will start work on the site.

A public inquiry was held earlier this year over the issue of the 250 hectares (600 acres) of common land in Blaenau Gwent needed for the complex. It will be replaced with land elsewhere.