Long-held plans for the creation of the £315m (US$525m, €392m) Circuit of Wales racetrack have been boosted after its backers signed a five-year deal to host motorcycling’s British MotoGP event at the venue.

The track, which is yet to be constructed, will become a purpose-built hub for the British motorsport industry, catering for major events, while also developing into a centre for motorsport-related industries.

The deal with commercial rights owner Dorna will see the event held at another venue next year, with the Circuit of Wales becoming its home in 2015 for a remaining four years, with a possible five-year extension also in the offing.

Being developed by the Heads of the Valleys Development Company, the first phase of the project will potentially see the construction of a 3.5-mile (5.6km) international specification motor racing circuit with world championship facilities, while plans for a hotel, plus commercial and retail complexes are also in the pipeline.

To be located near the Ebbw Vale in Blaenau Gwent, the venue will also house a race academy and training facility, intended to help develop future motorsport drivers.

Other features at the site are to include motocross, trials and enduro venues, an international kart circuit and an array of leisure amenities.

Last year Spanish company FCC and civil engineer Alun Griffit won the construction contract for work at the site, with designs being created by architects Populous, engineers Arup and Powell Dobson Urbanists.

The project has been the subject of severe planning delays following land disputes, as well as calls placed on UK governments to invest in the scheme.

However, once the project is completed, it is thought that around 750,000 visitors will visit the arena each year, while 6,000 jobs could also be created.

The announcement of the deal follows more important news released last month, in which UK Prime Minister David Cameron approved plans to stage motorsport events on the UK's public roads for the first time, potentially opening the door for the staging of a Formula One race in central London.