Now the contractor will have to wait for the outcome of a crunch council cabinet meeting on Tuesday to determine the fate of the project before it can celebrate what could turn out to be one of its biggest contract wins.

The council’s ruling cabinet will be asked to decide whether to press ahead with a pre-construction agreement or look at scaling back the project and retendering.

Buckingham Group was the second choice contractor when the council originally put the arena plans out to tender.

After failing to agree a price with Bouygues UK, the authority has turned to the runner-up to move the scheme forward, now estimated to cost around £94m.

Should cabinet decide to proceed with the Arena project, enabling works will start with final negotiations with Buckingham Group taking place over coming months to agree a target cost price for the 12,000-seat arena.

The council will also decide on whether to commission a value for money review in order to assess the economic case for investment in the project

The council has already spent £9m on the project which was hoped to regenerate the arena next to Temple Meads railway station.