That is, if Lancaster City Council's Cabinet agree to bid for Government funding to restore Morecambe's grand old theatre, and act as the accountable body for the money.

Coun Roger Mace, leader of the council, wants Cabinet to agree that a bid for £4million from 'Sea Change' – a Government grant scheme to support regeneration in seaside towns – should be based solely around the Winter Gardens.

Earlier this year, when the 'Sea Change' scheme was first announced, Cabinet short-listed a number of Morecambe regeneration schemes they felt would be worthy of a collective bid for the funding.

Aside from The Winter Gardens' restoration, these were the mooted Seaside Square development near the Midland Hotel, enhancements to the West End promenade, support to the Yorkshire Street retail centre, the Townscape Heritage Scheme Stage 2 ('A View for Eric') and other small-scale enhancements such as to Fisherman's Square in Poulton.

According to a report by Heather McManus, the city council's corporate director of regeneration, the North West Development Agency then advised the city council that a bid should be "focused much more clearly on a single, clearly identifiable project which could achieve a high profile nationally" – namely, The Winter Gardens.

The report also says: "Due to the scale of this funding, this is a significant risk for the council who will need to be satisfied that the Winter Gardens Trust has the necessary capacity to manage and deliver the project successfully within the required timescale (and) within the available funding".

Cabinet will meet to discuss Coun Mace's recommendations on October 7. The bid for 'Sea Change' funding must be completed by October 31.

The rest of the £12.5million would be made up of a further £4million bid for match funding to the North West Development Agency – on which a decision is expected shortly – and a bid for £4.5million funds from the Heritage Lottery, which is in the pipeline.