The venue has an estimated cost of about £70m with taxpayers footing the bill, the council says.
The venue and car park had an estimated cost of about £70m with taxpayers footing the bill, Labour leader Jane Ashworth said.
Ms Ashworth said the plans, put forward by the previous Conservative administration, were a pipe dream and not financially viable. The plans make way for a mobility hub car park and housing and will get £20m from the government's Levelling Up Fund.Image caption,"It was very clear that not a single operator of arenas across the UK was prepared to put in any money at all towards building the arena.," Ms Ashworth said.
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