You might not think that the post-Brexit difficulties in the insurance world could have an impact on the world of motor racing – yet that is exactly what appears to be happening.
With the F1 British Grand Prix to take place at Silverstone this weekend, all eyes will be on the most famous British racetrack – but while our sights are set on Hamilton and co., the future of another circuit appears to be in doubt.
The Circuit of Wales, which signed an agreement with MotoGP to host the British MotoGP from 2015-2019 – and with a potential extension expanding this agreement until 2024 – now faces a host of financial and political hurdles even though not a single layer of asphalt has yet been laid.
On the back of the EU referendum,
Aviva chose to freeze withdrawals from its property fund worth £1.8 billion (as we reported
here). However, the insurance giant was funding the circuit – and according to Crash.net, rumours are now circling as to whether the insurer could pull the plug on funding altogether.
Indeed even if Aviva sticks with the plans for the circuit, its future is still not secure due to changes at the Welsh Assembly following national elections. The project could soon be deemed untenable even though it hasn’t yet got off the ground.
The website speculates that the Circuit of Wales should have good finances in place if it has been able to secure the British MotoGP for the next four years – but should Aviva walk away, the whole project seems destined to be another Donington Park.
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