The Circuit of Wales is set to announce that insurance giant Aviva will foot a lion's share of the £300m bill needed to get the Ebbw Vale project off the ground.
According to BBC Wales, Aviva is set to cover a large amount of the circuit’s initial funding with an announcement from those behind the circuit, the Heads of the Valley Development Company (HOTVDC), expected imminently.
Despite not yet existing the circuit already holds a contract to host the British round of the MotoGP until at least 2019.
In the absence of a circuit, the HOTVDC are currently sub-letting the round to Silverstone and will continue to do so until they are ready to host their first event in 2018.
Building work is yet to begin at the Ebbw Vale site but when full planning permission was granted late last year Circuit of Wales sources told Bike Social construction would begin shortly after financial close.
With Aviva set to be announced as the circuit’s main backer, it would appear the funds are in place for the development work to begin.
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