THE COUNCIL said the i360's £48 million loan will still need to be paid - after British Airways ended its sponsorship of the attraction.

Brighton and Hove Council said no element of i360's debt has been written off, as the giant tower currently looks for a new sponsorship deal.

The i360 owes the council millions of pounds and has deferred several payments, with the Covid-19 pandemic hitting visitor numbers.

A council spokesman told The Argus that the current loan repayment scheme would not be affected by the latest announcement.

He said: “Seeking sponsorship is a matter for the i360 management to arrange and negotiate, not the council.

“Our cross-party members working group has expressed its hope that the i360 will seek a sponsor that shares the values of our city.

“Ultimately, however, this is a matter for the i360.

“We continue to work constructively with the i360 around the long term loan restructure.

“No element of the debt has been written off, and the terms of the repayments will not be affected by the outcome of any new sponsorship arrangements.”

The 530-foot structure is seeking new sponsors after it was announced the airline would not be supporting the attraction once naming rights expire on November 3, 2022.

It comes as the tower continues to fail to meet visitor targets having made a loss of more than £5 million in the year ending June 2020.

The i360 is expected to miss another £1.5 million repayment at the end of this month.

A report to councillors said that officials were trying to finalise a restructuring of the loan, which would mean a revised payment plan.

But senior councillors would probably be asked to sign it off in the spring.

Announcing the split, Ian Hart, chief operating officer of Brighton i360, said: “We have enjoyed a really successful partnership with British Airways since Brighton i360 opened in August 2016.

"The globally recognised BA brand helped to catapult Brighton i360 on to the international stage from the very beginning.

"Due to this positive relationship, British Airways extended the original sponsorship term of five years back in August 2021 for a further 15 months.

"We have now agreed a completion date of November 3 2022.

"We are excited about the next chapter for Brighton i360 and what a new sponsor might hold in store for us as one of Brighton’s major tourist attractions.”

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