“This is what Brighton City Council should do about the i360”

A LETTER in The Argus today reminds me of the i360’s debt situation, now apparently close to £11m. This debt has been pointed out several times recently, and there have been suggestions that it should be paid off in the next 20 years or so. But that will never happen.

Annual revenue will never cover the nearly £50m cost of this project. British Airways sponsorship revenue, worth hundreds of thousands of pounds a year, has now come to an end and numbers on flights don’t appear to be as high as they used to be.

There is no doubt that the existing loss will continue to increase.

The Argus gave me a headline letter in July 2012, over 10 years ago, when I predicted that the i360 would never make commercial sense, since the rating was based on 800,000 visitors, double the number ever seen.

Since then I’ve received six other letters over the years discussing bankruptcy, liquidation and write-offs, one of which is likely to happen.

What should happen now?

The council should face reality, admit a mistake, write off the debt and start over, allowing the i360 to make profits in the future. I was never against the idea, it’s part of our skyline now, which is great, but unfortunately it’s a financial disaster.

Very painful for us interest payers as it is our money but be realistic and don’t bury your head in the sand.

Colin Bart

Goldstone Crescent

Hove

https://www.theargus.co.uk/news/23039259.this-brighton-council-i360/?ref=rss “This is what Brighton City Council should do about the i360”

Fry Electronics Team

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