Legacy PLC, which has lost its preferred bidder status for the Millennium Dome, had hoped to turn the site into London's very own silicon valley.

But the amount it was prepared to bid - around �100m - was far less than the government originally expected to get from the sale of the Dome, whose total costs came close to �1bn, including nearly �600m in lottery funding.

Under Legacy's plans, the Dome would become a hothouse for start up and high-technology companies.

Legacy hopes to create a "predominantly workspace scheme, comprising offices and workshops, supported by leisure and retail uses to create a high tech industrial campus".

Under the proposal submitted earlier this year, the consortium wants to carry out a phased transition from the Millennium Experience, to flexible workspace/business centre over two years.

Hothouse

Within the business centre, there would be large high-technology companies such as BT, 3Com, Sun and NTL, who are also acting as the company's technology partners.

The four sectors which would initally be represented there are biotechnology, e-commerce, telecoms and wireless applications.

Its estimates are that 14,000 jobs will be created by the park.

There may be a residential park within the Dome.

The Dome will be accessible to the public for free, who will be able to visit the technologies showcased by the companies inside the Dome, Legacy says.

This would be the biggest project ever undertaken by Treasury Holdings. Its largest project so far is a �1.2bn development of Spencer Dock in Dublin, currently on hold as it awaits planning permission.

Reports say that Mr Bourne has given between �66,000 and �1m to the Labour party.

The competition to find a commercially viable, sustainable long-term use for the site began in March last year.

The government received 70 proposals, which were eventually whittled down to six.

Other plans included a sports complex, a leisure and entertainment centre, and a business centre.