Now the Welsh Government has revealed it won't be backing the £425m Circuit of Wales project in Blaenau Gwent, what exactly is on the cards for bringing new jobs and investment to one of the most deprived parts of the UK?
The Welsh Government has announced plans for a new automotive technology park in Ebbw Vale, which it says would bring 1,500 jobs.
Or could the Circuit of Wales get its own alternative together?
What next for Circuit of Wales?
Can they now get their own plan B in place, without any government guarantee? Well, while not quite in the impossible camp, that is going to prove a huge challenge.
It is understood the project has sought to get underwriting from the UK Government's infrastructure fund launched by former Chancellor George Osborne, but the project didn't fit the critieria.
So far, it has spent around £55m, including £9.2m from the Welsh Government on the project to date. Many suppliers have carried out work either in exchange for equity once the circuit is completed, or being paid on completion of the project's fundraising.
A new £100m automotive technology park
There is nothing definitive, but the vision is to built a new 200,000 sq ft automotive technology business park in Ebbw Vale, which could support 1,500 new jobs.
The Welsh Government already owns land just south of the 830 acres earmarked for the Circuit of Wales, but it would have to acquire an area of what was common land as it looks to expand the park.
It said that funding of £100m for the business park, which would also include finance for skills and training support to existing employers in the area, will be made available over the next decade.
And when completed the park could support 1,500 jobs. The proposed first phase would see 40,000 sq ft of manufacturing space built.
The Welsh Government has yet to finalise a deal to bring luxury car maker TVR to Ebbw Vale, but it is in a good position to encourage other automotive sector firms to locate to any business park, as it holds the purse strings in terms of business support.
So that's not only supporting inward investors to move into Wales, but also indigenous businesses looking to expand.
It also said it has a number of live automotive inward investment inquiries, while the Welsh Government is exploring locating a South Wales Metro depot at the automotive themed enterprise zone at Ebbw Vale.
The proposed business park would be funded from the Welsh Government's own capital budget.
In the past it has supported private sector developers to build commercial space, by taking a head lease. Or in other words guaranteeing a certain level of rental income for developers.
Local Labour AM Alun Davies said he was disappointed that the Welsh Government would not be supporting the racetrack circuit.
However, welcoming plan B he added: "The Welsh Government has today announced £100m of investment in jobs and skills for Blaenau Gwent. This is investment in new jobs and new training and apprenticeship opportunities.
“I welcome this announcement and the recognition that the people of Blaenau Gwent need hard investment in our future and not more unkept promises and unachievable dreams of a better future.
"We need to see a clear timescale and targets for new jobs and how the Welsh Government will help us to become again the heart and engine of the Welsh economy.”
