Plans for the Ebbw Vale site were delayed nearly 12 months ago when the developers and the Welsh Government failed to agree terms due to fears over the level of public funding required.

But Circuit of Wales resubmitted its proposals this week with guarantees over levels of private investment.

A spokesperson said: “Heads of the Valleys Development Company confirms that it has submitted the business plan and term sheets for The Circuit of Wales development to the Cabinet Secretary for Economy and Infrastructure.

“The submission, developed with his officials over the past seven months, complies with his stated criteria and demonstrates private sector funding support for the project.

“This evidence has been provided to the Cabinet Secretary to support the Welsh Government guarantee for a minority of the funding for the project.

“The guarantee would be for less than 50% of the £425m Circuit of Wales scheme, a development that will be entirely funded by private investors.

“We are now preparing to move to the confirmatory due diligence and final documentation process with the Welsh Government and our partners.

“We are working to a proactive timeline and look forward to beginning construction by the Spring of this year, bringing to life our vision of a world-class hub for motorsport, leisure, tourism and innovation, which will be transformational for the local community, generating employment opportunities; and helping to both stimulate and diversify the Welsh economy.”

Spanish contractor FCC and local civils specialist Alun Griffiths were originally lined up for the job but Alun Griffiths passed on its headline role to Irish contractor Roadbridge.