Work on the Circuit of Wales racetrack in Ebbw Vale could get underway as early as this spring, if plans are finally given the go-ahead.
Financial plans for the £425m Circuit of Wales have been submitted and will be looked at in detail before Welsh Government ministers make a final decision on whether to give it the green light.
Economy Secretary Ken Skates said due diligence would include rigorous value for money testing and that he would assess how the project would be delivered.
Skates said in a statement:
As we move to due diligence it is important that we remain focused on whether or not this is a project which can benefit the people of Blaenau Gwent and the wider economy of the South Wales Valleys for the long term.
We will seek clarity on the types and number of jobs directly and indirectly resulting from the project.
Plans for the racetrack in have twice been rejected by Welsh Government ministers over concerns around the amount of public investment requested.
A Circuit of Wales spokesman confirmed the bid had been submitted. He 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.