BLAENAU Gwent and Monmouthshire councils have said no decision has yet been made on whether they would help fund the Circuit of Wales project, despite the scheme's funding proposal including £90 million in loans from the two authorities.

The revised proposal includes the Welsh Government underwriting about half the scheme’s total cost.

In April the future of the long-running scheme, which includes a 3.5-mile racetrack and is expected to create 6,000 new jobs, was thrown into doubt after the Welsh Government said it would not underwrite the entire value of the project due to the potential risk to taxpayers’ money.

In a joint statement, Blaenau Gwent and Monmouthshire councils said: "The council(s) anticipates that the revised proposal from the developers of the Circuit of Wales to Welsh Government will soon be decided on.

“Monmouthshire County Council and Blaenau Gwent County Borough Council have been in discussions with Welsh Government and offered their views on the revised proposal.

“Fundamentally, any proposal needs to ensure that it offers value for money for the public purse and reflects an adequate sharing of risk between the public and private sector.

“The council will subsequently consider its position once Welsh Government has provided its views on the revised proposals.”

Speaking earlier this week a Welsh Government spokeswoman said “our door remained open” if private investment for the project could be secured.

And a spokesman from the Circuit of Wales said the team was waiting for the Welsh Government to give the project the go-ahead.

Wales’ economy and infrastructure secretary Ken Skates is expected to make an announcement on the £375m project in the Senedd tomorrow.