Many years ago (all my contributions start like this) there was a track in Maida Vale Park in west London which was quite elderly but served its purpose well and meetings there were well supported by riders and locals who turned up to watch a free show. In the sixties I would often travel across London from East to West to ride there, a big favorite were the twenty mile scratch races on Friday evenings.
Then came a decision from on high to replace this old track with an "Olympic Size" velodrome, whatever that meant. There is no standard for Olympic tracks. Great idea, was the general opinion, so the old track was quickly demolished but then came objections, local residents didn't want an "Olympic Velodrome" in their neighborhood so all plans were quickly shelved and West London was left with no old track and no new one.
The proposal to now build a new track at Hillingdon must be a step in the right direction and is worthy of all the support it can get.
As for finance - what about the money from the Harlow track? That could be used if anyone can find it. Possibly buried on Treasure Island.