Treasury inches closer to Dome deal

Negotiations between Legacy plc, the company backed by Treasury Holdings, and the British government over the purchase of London's Millennium Dome are reported to be ongoing.

The deal to sell off the Dome should be signed next month, a British government spokesman said today.

The Dome, at Greenwich in south east London, is due to be sold to Legacy plc in a £125 million deal and turned into a hi-tech business campus, following its closure as a visitor attraction at the start of this year.

In a written parliamentary answer in the House of Commons Ms Janet Anderson, junior minister at the British Department of Culture, Media and Sport, said: "The government is currently in negotiation with Legacy plc, as preferred bidder for the Dome. If negotiations go well, we hope to be in a position to exchange contracts in February."

In response to another question, asking whether the successful bidder would be forbidden to demolish the building, Ms Anderson said the structure was safeguarded for a minimum of 15 years.

The Legacy consortium was put together by millionaire businessman and British Labour Party supporter Mr Robert Bourne.

Treasury Holdings, the Dublin property company run by Mr Johnny Ronan and Mr Richard Barrett, emerged last September as one of the main financial backers of the consortium.

Treasury Holdings has been involved in a number of developments in Dublin that would be considered large by Irish standard, but has not developed anything on the scale of the Dome project.

British culture secretary Mr Chris Smith has insisted that donations to the Labour Party from Legacy chief Mr Bourne had nothing to do with his company being granted preferred bidder status.

Additional reporting by PA