THE NEC Group has pulled out of the multi-million pound Bradford Live project with "immediate effect", it has been confirmed this afternoon.
Bradford Live and Bradford Council have said a process is now underway to appoint a new operator for the former Odeon cinema.
Critics say they hope the termination of the contract won't result in Bradford residents "paying a hefty bill".
The historic building, with its distinctive twin domes and newly-installed huge display screen, was due to open as a "world-class entertainment venue" this autumn following a £50.5 million taxpayer-backed redevelopment.
But concerns have been mounting amid a lack of positive news about the opening date and an absence of announcement on acts.
A joint statement on behalf of the NEC Group and Bradford Council this afternoon said: "This follows a decision by the NEC Group that the venue will be better served by an alternative operator.
"Following a strategic review of its business, the NEC Group will focus on its existing operations in the Birmingham area.
"Bradford Council and the NEC Group have agreed settlement terms to release NEC from the contract that was in place for them to operate the venue.
"NEC will step away from Bradford Live with immediate effect.
"Bradford Live and the Council will now move at pace to identify a new operator and ensure the restored landmark venue will take its place as a major entertainment hub that Bradford can be proud of.
"The Council and NEC have been unable to provide any significant detail on the situation relating to Bradford Live until now, while negotiations were taking place.
"Further updates, and a new date for opening, will be provided when a new operator is confirmed."
Over the last six months, the Telegraph & Argus has been relentlessly putting questions and concerns to Bradford Council and the NEC Group - which was unveiled as operator of Bradford Live seven years ago.
Earlier this year, a Freedom of Information Act request submitted by the T&A revealed that the overall cost of the Bradford Live project had climbed to £50.5m.
Of this, £43.75m is from the Council - made up of grants and loan cash - and the remainder is from West Yorkshire Combined Authority, the Department for Culture, Media and Sport and the National Lottery Heritage Fund.
The T&A also submitted an open letter to Bradford Council, Bradford Live and the NEC Group calling for answers.
Recently the T&A learned that only a preliminary contract - not a formal lease - existed between Bradford Live and the NEC Group.
Councillor Susan Hinchcliffe, leader of Bradford Council, said: "Bradford Live is a major part of our ongoing investment in revitalising the city for the benefit of the whole district.
"It is a magnificent venue, something which the NEC recognise.
"But after being a founding partner with Bradford Live years ago, their business plans have changed.
"We respect their position and wish them well."
She added: "It's been very frustrating that we have had to remain so tight-lipped but at all times we have followed expert legal advice to protect the interests of the venue and the Council.
"Advice from the sector leads us to believe that there are a number of potential operators who have shown initial interest in the venue.
"We are now in a position to have further discussions with them about the opportunity.
"We can't say more about this at this stage given the commercially sensitive nature of discussions.
"We are aiming to have the venue operational in 2025 to host events as part of Bradford's year as UK City of Culture."
Lee Craven, founding director of Bradford Live, said: "Bringing this much-loved building back to life has been a huge task spanning years and involving many tough challenges.
"Throughout, we have had the steadfast support of Bradford Council, who have never wavered in their commitment.
"The result is a world-class music venue whose quality exceeds even our own hopes.
"We look forward to securing a new operator soon who can do justice to the building's potential and make Bradford Live a 'must play' venue for major touring acts."
Cllr Rebecca Poulsen, leader of the Conservative Group on Bradford Council, said: "Following months of uncertainly, speculation and silence from Bradford Council and the NEC Group, a statement has finally been issued today confirming NEC will no longer be operating Bradford Live.
"Very little further detail has been provided to either the general public or Councillors who are supposed to be able to scrutinise decisions of the Council.
"It has been so frustrating to have the building ready for final fit-out and people wanting to book tickets for shows to have had silence for so long, followed by today's announcement.
"More and more Council decisions are being made behind closed doors with the majority of Councillors not being given information to allow them to carefully look at decisions.
"We have no idea what terms have been agreed over this decision.
"We really need to be fully informed about the next steps over this announcement, the cost to the public and who will be running the venue and when it will open.
"Today's announcement sadly raises more questions than answers."
Cllr Matt Edwards, leader of the Green Party Group on Bradford Council, said: "At last the Bradford public is getting confirmation of what has been one of the worst kept secrets in the district.
"Despite this announcement, there are still so many unanswered questions and Green Councillors have real concerns about the way this situation has been handled right from the start. We are especially worried about the financial implications this will have for our Council which is already teetering on the edge of bankruptcy.
"Opposition Councillors are being given no information whatsoever on how much this is going to cost or what the financial risk to the Council is. We are effectively being told to trust that the Labour leadership know what they are doing.
"But given how this has been handled so far, combined with the situation at Bradford Interchange, the Council's financial crisis and the historical issues with children's service, there is no way I can have any confidence that this Labour administrations has the ability to run our district.
"Bradford's Labour leadership has lurched from self-induced crisis to self-induced crisis and they do everything possible to avoid any form of public scrutiny.
"I have already emailed the Chief Executive to say Green and other opposition Councillors urgently need more information on the financial implications of this news to let us do our jobs on behalf of the public."
The T&A has asked Bradford Council for further details on settlement terms agreed.
Cllr Brendan Stubbs, Lib Dem Group leader on Bradford Council, said: "After months of silence, we finally have confirmation that NEC is walking away from Bradford Live. Let's hope the termination of the contract will not result in residents paying a hefty bill.
"Bradford Live still needs fitting out, and the Lib Dems demand that NEC foot this bill. The Labour leadership has to protect vital services - that should be the Council's priority, not pouring millions more into Bradford Live.
"Under no circumstances can we justify sinking any more public money into this while NEC walk away."
Cllr Stubbs added: "NEC and the Labour leadership have already wasted months on this. We need to see a clear plan from the Council that gets the venue up and running with a new operator in the coming days. It will take months to get the venue ready to open, and we cannot let Bradford Live remain closed during the City of Culture year.
"NEC has let Bradford down; the Labour leadership has let costs get out of control on this project. The whole saga needs an auditors' inquiry into why the Council is so bad at managing these big projects. Labour is cutting services to people across the district to pay for their ineptitude. They must stop hiding behind a wall of silence."
The NEC Group said it had nothing to add beyond the joint statement issued this afternoon.
Bradford Council has also been approached for comment on the concerns raised.
Mark Cowgill, Bradford Chamber of Commerce President, said: "The news that the NEC Group has pulled out of the Bradford Live project is, of course, disappointing. However, it does spell the end for months of speculation as to the venue's future.
"We now have a great opportunity for a new operator to come in and run one of the best music and entertainment venues in the whole country.
"With Bradford set to become UK City of Culture in 2025, this venue will play a key role in shining a spotlight on everything that Bradford has to offer the country and indeed the world.
"The chamber remains confident that Bradford Live will be an absolute game changer for the city and for the north of England, and will prove to be a huge success in the years to come."
A spokesperson from Bradford Civic Society said: "Today's announcement brings some long-overdue clarity from those parties involved, and hopefully means that a new operator for Bradford Live can be found quickly. It feels like a cloud has been lifted from over the city.
"Bradford Civic Society, alongside other organisations, has a long and proud history of campaigning to restore and reopen this magnificent building, and it's a credit to those behind Bradford Live that it has been brought back to life after two decades of dereliction.
"With the opening of Darley Street Market, Transforming Cities works and the emerging City Village plans, the next 12 months promises to be an exciting chapter in Bradford's regeneration. It will come as a relief to many people that Bradford Live will now have a starring role to play too."
A spokesperson for Bradford BID - which works on behalf of local businesses to deliver economic growth for Bradford city centre - said: "We're pleased to have clarification on the situation with Bradford Live and look forward to a new operator getting on board to make the most of this fantastic venue."
The history of the 1930s structure took many turns in the years to come, with a demolition threat lingering over it and campaigners forming the Bradford Odeon Rescue Group (BORG) in a bid to save it, which ultimately proved successful.
In mid-2013, it emerged that the building had been sold to Bradford Council at a peppercorn price of £1 – something campaigners said was "good news for the city".
The Council asked people with an interest in developing the former Odeon to come forward with detailed plans.
Bradford Live took up the challenge and, in 2017, a major announcement was made as Bradford Live secured the NEC Group as the venue's future operator.
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