The city’s Cabinet members have agreed to release the debt owed to the council by Brighton i360 ahead of a potential sale. They have also agreed to commission an investigation into the original decision to loan public money.
Following the decision of the board of Brighton i-360 Limited to file for administration, a prospective buyer has come forward with a bid for the attraction.
The sale is a decision for the administrators, Interpath Advisory, but they must act in the best interests of creditors. As the largest creditor, the council needs to agree to release the debt owed by the Brighton i360 ahead of a potential negotiated sale.
At the January meeting, Cabinet members agreed to recommendations to release the council’s security on its £51m loan debt and rolled-up interest to the potential buyer.
While the proposals set out that the loan will not be repaid to the council, if the sale goes through, the council will potentially receive a future share of income from the attraction.
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