An arena in Bristol could bring nearly 400 new jobs and more than £110 million to the Bristol economy, a new study has revealed.

But funding for the £80 million project has yet to be secured, with a bid to the Government’s Regional Growth Fund turned down earlier this year.

Money could come from a City Deal, with funds allocated by the West of England Local Enterprise Partnership, and other as-yet announced funding options.

Despite the pitfalls, Mayor George Ferguson still vows to press ahead with plans for an arena, a key election pledge, with work potentially starting on the project in late 2015 with completion in the first half of 2017.

It didn’t need the expertise of Liverpool’s AMION Consulting to reveal the immediate impact of an arena will be more gigs, tours and shows for Bristol.

But the wider economic benefits are detailed as potentially bringing an estimated £157.3 million to the Bristol and Bath city region over 25 years.

Ferguson said: “It is crystal clear that Bristol needs an arena and I welcome the findings of the business case which matches my ambition.

“We should have delivered an arena years ago but as the only major city without one we can now take advantage of learning from all that have gone before.

“This is an absolute imperative as far as the people of Bristol are concerned and it is heartening that the business case demonstrates even more clearly that it makes absolute economic sense for Bristol and the whole region to move forward with this plan.”

Pictures from Clarkebond’s initial proposals for abandoned arena project