THE team behind the Circuit of Wales has strongly refuted the Welsh Government’s reasons for turning the scheme down for a third time.

On Tuesday the Welsh Government’s cabinet again threw out the £425 million scheme over concerns around the amount of public investment which would be required.

But now the Heads of the Valleys Development Company, which has been developing the scheme in Ebbw Vale since 2011, has raised questions over the reasons for the refusal.

Saying the decision had caused “huge disappointment” within the company, a spokesman said: “This is a real loss for the people of Ebbw Vale, the immediate community and a missed opportunity for Wales as a whole.

“At a time when the Welsh Government is trying to demonstrate that Wales is ‘Open for Business’ the rejection of this significant infrastructure project will do little to breed confidence within the private sector for future investment in the country.”

Saying the Circuit could have been “a shining example of what Wales has to offer”, he added that the company had met with Welsh Government 28 times since July 2016.

“At no point during this process were any significant concerns raised,” he said.

The spokesman also said the £9.4 million of public money invested into the project so far “represents a minor share of the development risk”.

He added there would only be a risk to public finances for a 29-year period, and that the Welsh Government would in fact be paid a fee of £2.5 million a year in exchange for providing a financial guarantee.

The company has also refuted the Welsh Government’s claim that the scheme would create fewer than the promised 6,000 new jobs.

It also claimed the project could have benefited the Welsh economy to the tune of £1.9 billion.

“There appears to be a fundamental misunderstanding of the project risks born by the private sector and we encourage an early meeting with the first minister to reconsider the decision,” said the company spokesman.