MP Bob Seely said: “My very strong advice to the Council is that it moves ahead with the purchase of Venture Quays.
“I fully understand the role of the council officers, their legal responsibilities and the need to be clear about the financial situation. The Council officers have responded exceptionally well to the ongoing Covid situation and I am very grateful to them for their work.
“On this occasion I believe that the Councillors should override the advice of officers and purchase Venture Quays, striking a decent deal with the shipbuilding firm there that helps to protect jobs whilst giving a decent return to the Council.
“I have another meeting with a minister on this issue next week.
“The saga of East Cowes and ensuring its future has taken a decade and a half. It has been a remarkably painful process which has not shown central Government decision-making at its best.
“When I became the MP I was determined to press ahead and make sure we concluded a deal on this site that supported jobs and wealth creation on the Island. Working with the Council, we are on the verge of getting a much better deal than was on offer only a year ago. We need to finalise this deal and move on to other pressing issues.”