TWO takeover bids for Bournemouth's hated Imax building have been blocked after council chiefs refused to agree to the transfer of the lease.

Two companies, AYL (Waterfront) and an unknown business, had sought the council's permission to buy out the lease on the Waterfront building from current leaseholder Nilgos.

The meeting was discussed behind closed doors but the public minutes state that neither company managed to provide enough financial guarantees to satisfy the council and that both applications were denied.

The decision means there is no immediate prospect of the controversial seafront building being pulled down or changed.

But there is also still confusion about the future of the Imax cinema itself.

AYL claims to have taken over the lease for the Imax unit from Sheridan with Nilgos' approval but a council source said this would still need the council's permission and the council had not received any approaches from anybody. Representatives from AYL have previously told the Echo they want to provide "unique" family entertainment on the site and that they were working towards a grand opening in 2008.

Bournemouth council's deputy leader Cllr John Beesley said: "We have made clear to Nilgos our continued aspirations for improvements to both the appearance of the building and what it offers in terms of the family leisure attractions it was always supposed to contain.

"Any negotiations Nilgos may have entered into are commercially sensitive and to reveal any further details at this stage could prevent a successful outcome."