The ‘Funding Package Proposal for a new Meadowbank’ report outlines the estimated investment required to transform the ageing sports venue which twice hosted the Commonwealth Games.

The estimated total project cost has now reduced to £41.1 million and the report recommends that the City of Edinburgh Council develops the detailed design which would allow the project to be tendered. This would then provide greater clarity on the funding gap required from the council capital investment programme - currently estimated at £5.98m.

The remainder of the funding would be achieved by generating capital receipts from the surplus land at Meadowbank, prudential borrowing and revenue savings from closing the facilities during the construction period. In addition, the council would make an application to sportscotland for funding.

Another benefit outlined in the report is that two areas of the site would be transferred to the council’s 21st Century Homes Programme providing affordable housing.

The report will now be discussed by a meeting of the City of Edinburgh Council on Thursday.

Council leader Andrew Burns said: “This report sets out quite clearly the funding required to turn one of our flagship facilities, which everyone agrees is at the end of its useful life, into a sports venue fit for the 21st century.

“While it is a significant investment for the Council, creating a detailed design would give us greater clarity about how much money we need to invest. Not only would we see a new Meadowbank but more homes would be built to meet the city’s housing needs.

“Obviously there is still a long way to go with a project of this scale if the funding is agreed but I want to assure everyone that the Council is determined to realise our dream of redeveloping Meadowbank.”

The funding options and architectural design concepts for replacing Meadowbank, which was originally built for Edinburgh’s 1970 Commonwealth Games, have been developed with input from relevant governing sport bodies and sportscotland.

The plans would see the existing site transformed into a brand new sports centre that would serve the sporting needs of the local community as well as the surrounding region with facilities for physical activity, health and wellbeing.

A new Meadowbank would include:

If the funding shortfall is addressed then demolition could begin in late autumn 2017 with a new Meadowbank opening in summer 2019.