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Business News

Dome doom: Talks over sale of O2 Arena collapse

Plans to sell London's Millennium Dome where plunged into disarray when Middle Eastern investors pulled out of talks to buy the venue at the 11th hour.

It's believed that the unnamed bidder quit the race to buy the 99-year lease on the 02 Arena over concerns about the lease structure. A source close to the process said: "The structure means the amount of money anyone can make out of it is capped. It needs a re-think."

The sale of the lease by Meridian Delta Dome Limited, a joint venture between Quintain Estates and Lend Lease, is expected to fetch the pair more than £30m.

Savills and Michael Elliot are the property agents running the sale of the Dome.