AMBITIOUS plans to build a ski slope, an arena and hotel on the North Star site have been given a last minute reprieve.

In December, development firm Moirai Capital was served with notice that Swindon Borough Council intended to call time on the project after repeated delays and unfulfilled commitments.

Moirai was given until today to meet its obligations or see the development agreement terminated. Until just days ago it looked like that might happen.

But in a last minute move, a leading property investment company has come forward with a proposal to take over the scheme.

Seven Capital Investments, a leading private capital funder, has agreed in principle to acquire control of Moirai in order to take forward the development plans.

The transformation could see the firm invest more than £100m into the site.

The final deals have not yet been signed, but in a move that suggests a high level of confidence, Swindon Borough Council have decided to withdraw the notice of termination.

Currently managing a development portfolio of more than £800 million, Seven Capital has been responsible for major property investments across the UK.

Their involvement with the North Star development would mark a new chapter of investment in the leisure market.

A period of due diligence will now be carried out by both the council and Seven Capital which, if successful, will see the cabinet consider whether to approve the proposal.

If the deal gets the green light then applications for detailed planning permission could be submitted before the end of the year.

Seven Capital has also indicated it would work with Moirai on the adjacent Oasis site.

Coun Garry Perkins, Cabinet Member for the Economy, Regeneration and Skills, said: “It was a bold call to serve the notice of termination on Moirai, but we had to take that action to kick-start this hugely exciting scheme and get it moving again.

“Our decision has been vindicated as a major funder has stepped forward with an impressive track record of developing major schemes, which is willing to pick up the baton from Moirai and help us deliver what will be a landmark regeneration project for the town.”

Announcement of the pending deal has been met with caution from Swindon's Labour group which has previously made two high profile calls for Moirai to be dropped from the project.

Coun Jim Grant, Labour group leader, said: "It would have been a bold move had the council terminated the agreement in 2014 as Labour would have done. We might have had a snow dome by now.

"Once again, the council promised and failed to deliver. It remains to be seen if this is good news or yet another false dawn leading to more failure."