Council paid over £5m by NEC Group after they pulled out of Bradford Live
The NEC Group had been due to run the 3,800-seater Bradford Live before it suddenly announced it was pulling out in September 2024, four months before the start of Bradford's year as UK City of Culture.
The decision left Bradford Council searching for a new operator for what was hailed as the biggest regeneration scheme in the city centre.
Trafalgar Entertainment signed a 25-year lease to manage the site in April.
It has now been revealed NEC Group paid £5.3million to Bradford Council after it withdrew from its agreement.
Council leader Susan Hinchcliffe said: 'As people can see we secured a significant settlement from the NEC that protected the interests of the Bradford district taxpayer.
"With the opening season for Bradford Live under the fantastic new operator, Trafalgar Entertainment, starting next month, we can now all look forward with excitement to a wonderful future for this amazing building.'
Bradford Live, on the site of the former Odeon cinema, was initially forecast to cost between £22m and £25m and was due to open last year.
But costs spiralled to £50m, with the council putting in £44m, and the venue has yet to open.
It is now due hold its first gig on Yorkshire Day, 1 August.
The concert, Yorkshire Calling, will feature classical singer, Aled Jones, acclaimed poet, Ian McMillan and the BBC Bantam of the Opera Choir with Bradford City legend, Chris Kamara.
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