The multi million-pound plans to build an Olympic ice rink are just weeks away from being dropped.

Developer Brighton International Arena (BIA) has until the end of the month to convince council bosses it has a funding package in place for the Black Rock seafront site in Brighton before the plug is pulled on the project.

The £70 million scheme will include two ice rinks, an 11,000-seat concert hall, a 100-seat cinema, a museum, recording and dance studios, bars, shops and restaurants.

The Argus understands that Erinaceous, the troubled property firm which owns Shoreham Airport, had been in discussions with BIA.

But Erinaceous has seen its share price plummet in recent months and BIA has been forced to find a new financial partner.

The Black Rock developer has now been given until the end of the month to show it has a serious alternative.

David Pople, the company's managing director, would then be handed another five months to firm up the cash and submit a planning application.

He refused to comment yesterday other than to say that the "position was positive".

Garry Peltzer Dunn, chairman of Brighton and Hove City Council's major projects sub committee, said: "Our officers have to be satisfied by the end of the month that the finances are in place.

"We need to move from a possibility to a probability."

The scheme first emerged five years ago and has been hit by a series of delays.

In September 2003, BIA said the arena would be built in 2007.

Mr Pople has argued that many of the delays have been caused by coordinating the inner and outer marina schemes.

Councillors said yesterday they were losing patience and called on the council to take decisive action.

Councillor Gill Mitchell, leader of the Labour opposition, said: "The Labour group is really running out of patience and want to see a robust business case."

Lib Dem Councillor Paul Elgood said: "We are desperate to see progress with this project as we think an icerink is vital for Brighton and Hove."

Erinaceous was unavailable for comment.