A Millennium Dome deal, which could see stars such as Madonna and Barbra Streisand performing in London's ill-fated arena within three years, was announced yesterday by the British government.
In a joint venture between the Westminster government and the consortium Meridian Delta, the Dome will be developed into a 20,000-seater sports and concert venue. The arrangement will also see around £4 billion invested in the land around the Dome in Greenwich, with at least 5,000 new homes built and 20,000 full-time jobs created.
The agreement is not yet finalised and MDL is not buying the Dome and its surrounding land. But it is estimated that the venture will result in around £500 million going to English Partnerships, the government regeneration agency which owns the Dome site, over the 25 years of the agreement.