A REVISED funding proposal on the Circuit of Wales project has been received by the Welsh Government.

Ministers earlier this month refused to sign off on a financial package for the £357.2 million, 6,000-job project that would have seen the Welsh Government underwrite the total cost.

The Welsh Government said at the time they were prepared to give a guarantee of £35 million to the current investor Aviva but did not grant the request for £357 million.

The Welsh Government have confirmed that they have received a revised proposal regarding the project earlier this week.

A Welsh Government spokesman said ‘detailed consideration will be given to any proposals.'

The First Minister Carwyn Jones has previously said that Edwina Hart, the minister for economy, science and transport, was right not to sign off on the previous financial package as the taxpayers of Wales would be taking all the risk.

Circuit of Wales organisers say the project is vital to the long term future of Blaenau Gwent and the Ebbw Vale community.

The Heads of the Valleys Development Company is behind the plans for the 830-acre Circuit of Wales development.

They estimate the development will attract 750,000 visitors a year and bring £45million to the local economy every year.