Circuit of Wales frontman Michael Carrick and his wife Annabelle would receive more than £46m in cash and equity if the racetrack goes on to be a long-term success, we can exclusively reveal.

Last week the Welsh Government Cabinet decided not to provide a £210m loan guarantee for the proposed £433m motorsport racetrack near Ebbw Vale , which its backers say could create 6,000 jobs in one of the poorest parts of the UK.

A document we have seen was submitted by the project team to consultants carrying out due diligence checks for the Welsh Government .

It listed the rewards for the people behind the project, who over time would have received cash and shares worth more than £73m.

We understand that consultants working for the Welsh Government advised that they could not find any evidence that the rewards set out in the schedule were appropriate or reasonable in relation to the risks, time and services to which they relate.

A spokesman for the Circuit of Wales said that the rewards were performance related and only available if the project is successful over the long term.

He said: “The management are totally incentivised to make the company commercially successful and deliver the growth and enterprise in the business plan. If the business is not successful then there are no payments and all the equity is wiped out.”

The document we have seen shows that the man who has spearheaded the project, Michael Carrick, and his wife would be the greatest beneficiaries if the project is a success.

Mr Carrick would receive £1,795,781 in “cash salary”, £2,492,454 in “cash other” and £39,846,389 in equity (shares held in the project).

A comment against Mr Carrick’s name states: “Cash other” is outstanding payments owed to Aventa [a consultancy firm] which is 100% owned by MC [Michael Carrick]”.

The document shows that Mr Carrick’s wife, Annabelle Lloyd Carrick, stands to earn £271,500 in “cash salary”, £750,000 in “cash other” - said to be a payment for a personal guarantee fee – and £933,123 in equity.

According to the document, the total Carrick family benefit would amount to £2,067,281 in cash salary, £3,242,454 in cash other and £40,779,512 in equity: a grand total of £46,089,247.

(Image: EDP/Ian Burt)

Since Economy and Infrastructure Secretary Ken Skates announced on Tuesday last week that the Welsh Cabinet had come out against underwriting the project, three directors of the firm set up to deliver the project have resigned.

Tim Murnane and Paul Woodbury resigned from the board of Heads of the Valleys Development Company on Wednesday June 28, while Seamus Kealey resigned on Thursday June 29.

All three were listed as beneficiaries of the project in the document we have seen: Mr Woodbury and Mr Murnance would have received cash and shares to a total value of more than £1m, while Mr Kealey would have received cash and shares with a total value of more than £3m.

Their resignations lead Mr Carrick and his wife as the only two directors of the company.

Video Loading Video Unavailable Click to play Tap to play The video will start in 8 Cancel Play now

Monmouth Conservative MP David Davies said the Circuit of Wales had been a “personal enrichment scheme”.

He said: “The Circuit of Wales posed as a regeneration scheme for the Valleys. These figures showing how much those involved in the project would benefit from it financially demonstrate that in fact it was a personal enrichment scheme for Michael Carrick.

“People will be shocked to learn that he and his wife hoped to benefit by as much as £46m out of the project.

“I am 100% behind the Welsh Labour Government’s decision to refuse to provide a loan guarantee of £210m for what would be a very risky project.”

This is the full statement that was issued by the Circuit of Wales.

A spokesman said “We are concerned that a confidential document with highly personal details, that was available to only limited parties in the Welsh Government, has been made available to the press.

“This document confirms that the vast majority of payments are performance related and only available if the project is successful over the long term. The dividends under the business plan do not commence until 2035 and beyond and so at a time when the Circuit of Wales should be returning a healthy profit. This is not a short term plan.

“While the initial position of Michael Carrick is a majority what is not shown is the significant share options and warrants of staff, partners and consultants.

“The management are totally incentivised to make the company commercially successful and deliver the growth and enterprise in the business plan. If the business is not successful then there are no payments and all the equity is wiped out.”

The full list of named beneficiaries:

Other beneficiaries named in the document include:

Circuit of Wales chief executive Martin Whitaker (cash salary £117,375 plus equity £93,625);

Chris Herring (cash salary £65,250);

Shaun Meadows (cash salary £116,913, equity £75,213 ) ;

Chris Grindal (cash salary £252,188, equity £94,688);

Jon Jones (cash salary £151,375, equity £72,375);

Seamus Kealey (cash salary £605,094, equity £2,605,652);

Peter Twist cash salary £227,500, equity £87,500);

Phil Davies cash salary £243,250, equity £89,250);

Marc Templer (cash salary £322,375, equity £91,375);

Andrew Morpeth (cash salary £11,138, equity £1,238);

Paul Woodbury (cash salary £271,500, equity £933,123);

Tim Murnane (cash salary £271,500, equity £933,123);

Peter Thomas (equity £994,629);

Massimo Amatti (equity £166,667 – described as a “success fee”);

Jonathan Cripps (equity £992,457);

EIS Investors (cash other £1m, equity £2m);

Redstone (equity £450,000);

Triple Point (cash other £123,500, equity £250,000);

FCC (the Catalan company awarded the construction contract for the project: equity £5m, described as “redeemable shares”).

A further £271,500 was described as cash salary for “advisory members”. The individual ”advisory member” beneficiaries were not identified.

Former Labour leader Lord Kinnock chairs the project’s advisory board. Asked whether he was a beneficiary. Lord Kinnock responded: “I have asked for nothing and received nothing.”

Finally, £8m of equity described as “Aviva construction reserve” was said to be unallocated.

Altogether, £4,994,239 was allocated for cash salaries, £4,365,954 for “cash other” and £63,710,427 in equity: a grand total of £73,070,620.