The future of Brighton’s i360 still hangs in the balance – but stakeholders will now desperately scramble to try and find a buyer to keep it open.

In another body blow to the seafront, Brighton i360 Ltd announced its intention to appoint administrators, with the potential the site could close before the end of the year.

Now, councillors and stakeholders are calling for investors to come forward to buy the site and pump money back into the seafront.

Brighton and Hove City Councillor Jacob Taylor, deputy leader and finance lead, said: “The problem with the i360 was never the principle of a tourist attraction – it was the extent of public money used, and the unrealistic business case.

“However, this site represents a stunning piece of seafront land, in one of the most Iconic seaside towns in Europe.”

“We are calling any interested investors to take a look at this opportunity to for a fresh start on the site, without the burden of unsustainable financing.”

After going into administration, it is unlikely that a buyer would take on the debt. Once the administrators are appointed, the council will rank as a secured creditor in the administration process.

The Argus understands that, if a buyer is not found for the i360, the site could close before the end of 2024.

However, Brighton i360 Ltd chairwoman Julia Barfield remained defiant saying the site “remains fully operational” for the time being.

Ms Barfield cited the cost-of-living crisis and low visitor numbers in the summer among the reasons for the financial issues with the i360.

Advisory service Interpath will lead the sales process and will be appointed as administrators in due course.

Charlie Carter, of Interpath, said: The Brighton i360 has become an iconic visitor attraction, welcoming hundreds of thousands of visitors each year, but unfortunately is now at real risk of closure unless a buyer can be found.”

What is currently unknown, however, is what will happen to the i360 if a new buyer takes over.

Green MP Sian Berry expressed a desire for the site to keep trading as the i360 attraction – but developers could look to capitalise on the valuable seafront sight next to the West Pier.

The Argus understands that, should a buyer take over the land beneath the i360, tearing down the viewing tower is an option that is on the table.

Much is yet to be revealed about the future of the i360 – only time will tell if this is the end or just the beginning of a new chapter.