'Significant shortcomings' in way Circuit of Wales funds managed

I will be making a written statement on progress in the coming week. In the meantime I can confirm that since my announcement in March my officials and the appointed external advisors have been progressing the project, but the due diligence process identified many material gaps and inaccuracies in the information contained within the Circuit of Wales application.

Consequently, we set an extended and final deadline for the Company to address these gaps. Within the last week final submissions have been received that officials have confirmed will allow completion of the due diligence analysis. This further delay has meant the timescale asset in March has slipped. I am advised that the remaining process will take a final few weeks, following which Cabinet will consider the project as soon as is practicably possible.