Peter Hain, the shadow Welsh Secretary, was "suspicious ... at a time when their savage cuts are hitting Wales so hard, we are sceptical about the impact any tinkering in the funding formula will have".

BBC: First step taken the Silk route in Wales

In the ensuing months, our investigation disclosed that Texas Comptroller Susan Combs had padded the economic impact study prepared by her agency for Formula One.

FORBES: Wild Ride: The Sordid Saga Of How Formula One Racing Came To Texas

Ben Kirkland, a senior consultant with KHP Consulting and who helped organize the forum, said Formula One could have a "massive impact" on a country's image.

CNN: Middle East fuels Formula One's expansion