A five-year deal has been signed to bring motorcycling’s British MotoGP to Wales.
It will be held at the new £315m Circuit of Wales race track in Blaenau Gwent which has yet to be built.
Land near Ebbw Vale will be transformed into the Circuit of Wales to host all but Formula 1 racing.
Next year’s event will take place elsewhere in Britain but it is hoped the circuit in Ebbw Vale will take on the remaining four years.
There is also an option for a further five years.
Heads of the Valleys Development Company says the circuit will bring 750,000 visitors a year to the area.
The project has been hit by delays with issues over common land and call for the Welsh and UK governments to commit up to £50m towards the scheme.
“Our agreement with [commercial rights holders] Dorna is a significant landmark in the development of the Circuit of Wales,” said Michael Carrick, chief executive of the Circuit of Wales.
“MotoGP is the pinnacle of global motorcycle racing and expectations within the series and of its millions of fans worldwide are for a truly world class event at iconic and state-of-the art venues.
“We look forward to meeting those expectations when we welcome MotoGP to Wales from 2016 and we are now working closely with Dorna and the FIM, MotoGP’s governing body, with regard to the 2015 British round of the MotoGP World Championship.”