Brighton and Hove City Council has agreed to take on £51m of debt from the i360 tower after the firm behind the attraction went into administration.
After a potential buyer for Brighton i360 came forward, the council, which lent the money for the tower’s construction, said it would release its security on the loan debt.
The council’s deputy leader, Jacob Taylor, said: ‘A new buyer coming in and taking over the attraction is the best option for the city.
‘Restarting the attraction quickly will secure jobs, provide business rates and bring visitors to the city.’
Cllr Taylor said the buyer was a ‘superb company with a great record’. If the sale goes ahead, Brighton and Hove could get a share of income from the tower.
The council will also commission an independent investigation into the decision to loan the money to Brighton i360.
