A ‘BREAKTHROUGH’ in the battle to save Bradford’s former Odeon means the project could soon be fully funded, the businessman behind the scheme has revealed.

The full cost of restoring the building and reopening it as a major live venue is now put at £19.8m.

But Lee Craven, director of Bradford Live, said last week’s announcement of an operator for the venue was “a breakthrough” that could mean 70 per cent of this cost is secured.

Mr Craven said not only was the NEC Group investing £2m in the scheme, the income stream from its 30-year lease would also allow the project team to borrow money to finance much of the restoration.

Mr Craven said: “I’m pretty sure now that the Odeon is safe. Nothing’s certain until it’s happened, but I would not bet against the Odeon reopening in 2020.”

He said the model of borrowing money for the construction work and repaying it with lease income was “tried and tested” and lay behind the schemes to build Leeds’ First Direct Arena and the in-development Hull Venue.

Now Bradford Live is setting its sights on finding the final piece of the funding jigsaw - around £6m - and is confident that the venue will open in just three years’ time.

Mr Craven said the team was hopeful that the project would be put forward by the Leeds Enterprise Partnership (LEP) as its entry into a contest for a share of a £15m Government funding pot.

The fund, which ties in with next year’s Great Exhibition of the North in Newcastle-Gateshead, will give grants of £3m to £4m out to three or four large cultural regeneration projects across the North.

Eleven northern areas are being invited to apply for grants - but can only put forward one project each for consideration.

Bradford Live has been working with Bradford Council on a bid for the cash.

Bradford Civic Society has now handed in a petition to the LEP, calling for it to make the Odeon project its choice.

Society chairman Si Cunningham said: “As only one bid per Local Enterprise Partnership can be submitted, we feel it’s imperative that Bradford is at the front of the queue for this funding.

“Since starting the petition, we’ve had over 2,700 signatures in support and received the backing of Bradford’s MPs.”

Mr Craven said he valued the support of the petitioners.

He said: “It’s another example of the grassroots support for the Odeon which has been there from the start, and the campaign to stop the building from being demolished.”

And he also welcomed the public reaction to last week’s announcement that an operator had been found.

He said: “I think there was an element of relief. I think this is unfortunately true of Bradford, that there have been so many false starts with Bradford over the years.

“With the Odeon, people were thinking, ‘Will this ever really happen?’

“It came as a pleasant surprise that yes, it will happen, and there is a major corporate investor willing to commit to the Odeon and to this city.

“It really is a tremendous boost of confidence for the Odeon and for this city.”

Earlier this week, the West Yorkshire Combined Authority announced it was releasing a £325,000 grant for the Odeon, which had been set aside last year, now an operator was on board.

Originally, the money had been intended to help woo an operator by paying for the 1930s auditorium to be opened out once more, after decades spent split into two cinemas and a bingo hall.

Mr Craven said discussions were now ongoing about how the cash would best be spent.