Possible buyer of Brighton i360 found - council
Getty ImagesA prospective buyer has come forward to bid for the i360, Brighton and Hove City Council (BHCC) has said.
The seaside attraction closed with immediate effect in December after a series of financial problems.
BHCC said it is owed £51m by the Brighton i360 company, which councillors are set to consider wiping at a cabinet meeting next week.
Jacob Taylor, deputy leader of BHCC, said the council was "disappointed not to recoup more of taxpayers' money".
But he added he was pleased there was "potential" for the council to receive a share of the attraction's income in the future.
'Offers have not materialised'
As the largest creditor, BHCC said it needs to agree to release the debt owed by the i360's owners before a sale can go ahead, though administrators Interpath Advisory will ultimately decide.
Mr Taylor said the offer on the table was the "best value" the local authority will get from the market.
He said: "We have spoken to lots of interested buyers but offers have not materialised."
Mr Taylor added that "understandably" no offers include a "significant purchase price or taking over any outstanding debt."
He said: "Investment in the i360 has come at considerable cost to the public purse.
"The money should have been used to deliver other public benefits.
"It's crucial we investigate the decision-making process at the time of agreeing to the loan and learn lessons for the future."
In January, BHCC leader Bella Sankey warned that funding towards early years education and cost of living support in the city has suffered due to missed debt repayments by the i360.
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