The i-360 attraction in Brighton, UK, is to be appointed administrators.
The local council is the major creditor to the company with financing of £51m still outstanding.
The attraction is on land adjoining the town’s West Pier and comprises a £162m moving observation tower with a ride giving spectacular views over the town and surrounding countryside and the sea, the experience taking around 25 minutes.
Although passengers were accommodated in a moving glass pod, the more adventurous could be strapped to the roof of the structure as it moved.
Brighton council was told of the company’s plans to appoint administrators this week.
Originally councillors agreed to take out a government loan and pass it on to developers and planning permission was given in 2006. Two years ago the council was asked to restructure the loan.
