The firm behind the venture, Manna Development Ltd, say the ‘Lake Torrent Motorsport Complex’ in Coalisland, would ‘within three years, become the leading visitor attraction in Mid-Ulster, providing significant additional revenues for accommodation, catering and services throughout the region’.

The ambitious plans cite a world-class 3.59km racing circuit plus pit garages, hospitality facilities, spectator gallery and new access roads at the site of the former clay pits in Coalisland.

The 163-acre complex is designed to cater for all forms of motorsport from motorcycling to car racing.

It is envisaged that up to 500 jobs would be created in Co Tyrone during the development phase of the £29 million project.

The plans were passed by the local council on Tuesday evening.