SPONSORSHIP deals have been secured to cover Bolton Council's £100,000 overspend on the giant Spirit of Sport sculpture.
Rising costs forced the council to raid its coffers earlier this year for the golden 85ft tall sculpture which is to be erected on the De Havilland Way roundabout outside the Reebok Stadium on Monday.
But fears that Council Tax payers would end up footing the bill were allayed on Friday after it was announced that Hitachi and the Emerson Group have signed deals to sponsor the project.
The cash will also be used to boost sports development schemes in the borough and a panel will be set up to divide funds between sports clubs in the area.
The leader of the council Cllr Barbara Ronson said she was delighted with the move.
She added: "We're really excited about the potential for the Spirit of Sport and the positive impact it will have on Bolton.
"The sponsorship deals reveal the private sector's willingness to be long-term partners in this project. Their involvement represents a significant contribution towards providing real funding for the Spirit of Sport programme.
"We believe this project breaks new ground in public art and will be of national significance."
The cost of the sponsorship deal has not been revealed but, for their money, the two firms will have signs on the roundabout and on the exit lanes acknowledging their support of the project.
They will also be able to use the Spirit of Sport image in their own publications and will be involved in the annual sports awards run as part of the project.
The initial £250,000 cost of creating the sculpture was paid for by grants from the European Regional Development Fund and the North West Regional Development Agency.
But escalating costs saw Bolton Council come under fire as it was forced to pay out £100,000 of its own.
Leading Conservative councillor John Walsh, said he was "delighted" sponsorship had been found. He said: "I was concerned that the council had gone into the project without being able to cover the cost and it would have had cost tax payers."
Lesley Prince, of Hitachi said: "The Spirit of Sport works on a number of levels, it allows Hitachi to support the local sporting community, as well as support a showpiece sculpture that will attract national attention to the borough.
"Our head office in Japan was particularly interested in this because of the huge following Bolton Wanderers Football Club has in Japan, and the fact that the sculpture resides so close to the premiership club's ground."
Paul Burgess, director of Emerson, added: "We believe that the uniqueness of this sculpture will add ongoing value to the community and compliment our ongoing investment at Middlebrook."
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