MILLENNIUM EXHIBITION GETS GREEN LIGHT

EXHIBITION FINALLY GETS FUNDING GO-AHEAD

Greenwich 18 June 1996

The British Government finally agreed that sufficient funding for the Millennium Exhibition has been found for the project to go ahead, it was announced today.

After doubts about the funding of the UKŁ 500 million (US$ 750 million) exhibition, it was announced that the event's future at the as yet derelict Greenwich site was assured.

The chairman of the Millennium Commission, met this afternoon, said that there was now ``substantial'' private-sector support. ``The exhibition at Greenwich will go ahead and the country can look forward to a celebration of which the country can be very proud indeed. On the basis of the substantial support received from the private sector, we are happy for work on the exhibition at Greenwich to continue.'' It was not revealed how much money had been received in sponsorship.

The projects chief adviser, Sir Peter Levene, has spent recent weeks trying to persuade business chiefs to come up with UKŁ 150 million (US$ 225 million) sponsorship.

It is understood that a number of major companies have given informal commitments of support totalling around UKŁ 144 million (US$ 216 million).

So far, only and the Corporation of London have made definite offers of cash. Further details about the funding partners and the exhibition itself would be ``coming out over the next few weeks, months and longer''. ``Progress will now be set for an early application for planning permission from the London Borough of Greenwich.'' it was said.

It was confirmed that UKŁ 200 million (US$ 300 million) of UK National Lottery money would be used to fund the event. ``We're confident we can go further forward and there will be a great festival at Greenwich,'' the chairman said.

Companies thought to have given commitments of support include:

• Amec

• BAA (British Airports Authority, owners of major UK airports including London's Heathrow & Gatwick)

• British Aerospace

Sir Bob Scott, head of the Greenwich bid for the millennium celebrations, said: ``This is what the people of Greenwich and London have been waiting so long for, the green light to turn a derelict contaminated site into a world- beating exhibition for the Millennium. ``There is enormous enthusiasm locally and across London for this project. There is a belief that the exhibition can be the catalyst that brings jobs and investment back to the Thames corridor and as we've seen over the past year there is the will to make it happen.''

Sir Bob added: ``There's still a lot of work to do. We must ensure that the whole country feels it is their exhibition and that they contribute to the experience. And we must work hard to ensure that London takes advantage of the exhibition to go into the Millennium as the world's leading city.''

The exhibition will be themed around the concept of "", and will consist of 12 pavilions, with c. UKŁ 12m (US$ 18m) in sponsorship per site. Each pavilion will be sponsored by one company or a group from the same industry. Not all the companies that have signed up have committed the full UKŁ 12m (US$ 18m), but each has pledged several millions.

It is estimated that the exhibition will attract at least 11m visitors in the year 2000, and the number could be as high as 20m.

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