Coventry’s bid to host the national stadium could be boosted by around £40 million of European and British Government funding.

The site for the stadium to the north of the city is in a regeneration area which will allow it to benefit from a minimum of £37 million and possibly much more.

Coventry’s rival bidders - Birmingham and London – will receive a fraction of that amount or nothing at all. Birmingham’s proposal is situated in green belt and would not receive Euro backing.

With the Wembley bid already costing £120 million of lottery funding and with the Government keen to avoid another Millennium Dome scenario, the news will add strength to Coventry’s case.

Nick Nolan, leader of Coventry City Council, said the city’s proposal was already the strongest in terms of practicality and cost, and could be delivered in three years.

He said:

“We know that, because we are using a brownfield site and already have planning permission, we are ahead of the game and the news of a high level of European funding strengthens our case.

“We are in an Objective 2 area for European funding and a Regeneration Zone for British Government funding which would allow us to apply for a minimum of £37 million from the EU and Advantage West Midlands.

“The whole of London has £162 million of Objective 2 money and the West Midlands has £437 million. Seventy five per cent of those totals are available for regeneration zones and we are the only stadium planned for such a zone.

“The European Investment Bank would also lend us money at a very advantageous rate because of the area’s status and again that gives us an edge.

“We firmly believe, as do most football supporters, that the national stadium should come to the heart of the country and there is absolutely no question that we have a more workable proposal than Birmingham which intends to use greenbelt land, in the already congested M42 corridor.

“We could be in a position to start building work in just over a year – way ahead of either of our rivals.”

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