The £51m owed to Brighton Council in the UK for loans to keep the i360 attraction open is to be written off as the price of selling the landmark to a mystery buyer.
No identity for the buyer was revealed last week when news of the i360’s sale was made public, but the councillors agreed to wipe out the debt the attraction carried.
Details emerged at a meeting of the council last week, held in camera to keep the buyer’s identity under wraps, but it is likely the name would be revealed later this week.
The viewing tower overlooking Brighton beach has been the subject of several sets of talks between administrators and potential purchasers, but talks have constantly stalled over the size of the debt carried.
A report to the council said that the buyer has "experience of running large-scale leisure attractions."
During the council debate, Bella Sankey, leader of the council, said that the original decision to invest in the scheme was "scandalous." She blamed the Green Party administration for the decision to invest.
The i360 filed for bankruptcy in December, after a troubled eight-year history. Now the council has written off the debts but may claw some back in the future with a share of income if the sale is finalised.
The i360 attracted between 200,000 and 300,000 visitors each year it was opened, but the business was based on an annual footfall of 700,000 to 800,000.
