Decision on Dome expected in late May

The fate of the Millennium Dome looks likely to be decided later this month when the government announces to parliament that it has finalised a handover to an international consortium.

Dome minister Lord Falconer will announce a 999-year lease for the building and 77ha of land will be granted free to Meridian Delta, a consortium backed by US billionaire Philip Anshutz, in return for a share of future profits.

Around £200m will be spent by Meridian Delta to turn the Dome into a 20,000-seat sports and concert arena. The surrounding land will be used for 5,000 homes and a huge office and leisure complex.

The consortium said the government's share of profits could reach £500m, compared with £100m from a normal sale.

Meridian Delta consists of British developer Quintain Estates and Lend Lease, the Australian group behind the Bluewater shopping centre. The consortium will take on a free 55-year-sublease, but must fund the Dome's redevelopment and hand over a share of profits.