Backers of the project said they now have financing in place which is just completing due diligence.

The Heads of the Valley Development Company said: “Once these have been completed, the supporters of the project will be publicly announced and detailed construction timelines revealed.”

Spanish giant FCC and local civil engineer Alun Griffiths (Contractors) have been lined-up to build the scheme.

Work will transform transform 830 acres of Blaenau Gwent into an international motorsport circuit, technology park and training facility.