A financial row with Donington Park has triggered the backers of the £315m Circuit of Wales to confirm they have the funding required to begin the construction of the new race track.

The Circuit of Wales which signed a deal last year to host motorcycling’s British MotoGP and for the event to be based at Donington Park this year while the new circuit is under construction near Ebbw Vale by Spanish giant FCC and local civil engineer Alun Griffiths (Contractors).

However the bosses of Donnington Park today announced that they’re breaking off the agreement with the Circuit of Wales to host the British MotoGP because the Welsh track has “been unable to complete their agreement” over payment deadlines.

It would appear from the announcement that the British MotoGP currently has no venue for August’s race to which the leaders behind the Circuit of Wales said: “After initially agreeing Heads of Terms with the board of Donington Park in September 2014, both parties were subsequently unable to agree further terms to form a legal contract.

“Contrary to claims by Donington Park that the Circuit of Wales is unable to meet the funding arrangements, we are unwilling to provide the significant funding that they required for the necessary track upgrades to host the British Grand Prix without a signed contractual agreement.

“We have all of the funding necessary in place to promote and host the 2015 race in the UK.

“All funding for the flagship Circuit of Wales regeneration development in Blaenau Gwent is on track with works due to start later this year following the outcome of the public inquiry in March.”