Ebbw Vale have agreed a five year deal to host the British MotoGP Grand Prix worth £315 million. The track will be known as the Circuit of Wales.
The track has not yet been constructed due to issues over common land and calls have been made for the Welsh and UK governments to commit up to £50 million towards the scheme. Therefore, it is not expected that the British Grand Prix will be held next year in Wales. However, the Heads of the Valley Developments Company expects the race to take place in 2016.
There is hope that by hosting the Grand Prix in Wales will bring at least 750,000 tourists per year.
The first phase of the multi-purpose development will be the construction of an 3.5-mile motor racing circuit and world championship facilities, hotel, commercial and retail complexes. There is also an aim to be up a Welsh driving and riding academy, in order to promote motorsport in Wales. The academy will be built at the circuit and will hope to produce future Welsh world champions in four wheel racing as well as two.
Silverstone has held the British Grand Prix for the past four years, but it seems that Northamptonshire track could not afford to keep the sport at Silverstone. It seems that Dorna (commercial rights holder) raised the price of the hosting fee which the BRDC felt was unsustainable to keep race.
It is unclear where the British Grand Prix will be held next year, as the track will not be ready in time for the 2015 season.