All the money that is going to be provided upfront to build the Circuit of Wales is private sector money. All that the Welsh Government’s being asked to do is to guarantee payments that will be made to the senior bondholders for less than half the capital employed, in a period that only starts when the whole site has been developed. So, there are physical assets then, against which the contingent liability of the Government would be secured. What we have now is a proposal from the Government to spend £100 million over 10 years—shed loads of money—on a series of empty sheds.