Decision details

It is RESOLVED that Cabinet: -

(a)            Agrees to Option 2 to take forward further exploration work on the feasibility of providing a 10-year agreement with the potential operator for 2026 onwards.

(b)           Agrees to taking forward Option 4 to seek to source sponsorship for the funding gap for 2026 onwards.

(c)            Notes the financial implications detailed in the summary of financial implications.

(d)           Notes the requirement for event team staff and other council teams for contract management and sponsorship work; and

(e)            Delegates to the Director of Commercial Operations in consultation with the Portfolio Holder for Destination, Leisure and Commercial Operations, the implementation of these decisions with a report to come back to Cabinet at an appropriate time.

Voting: 9:1

Portfolio Holder: Destination, Leisure and Commercial Operations

Reason

To enable the ongoing delivery of a destination event to achieve the corporate strategy of supporting local areas to thrive, and creating opportunities for the local area, recognising the value of the event to the local economy whilst also acknowledging the council’s current and future financial position.