Douglas Borough Council could have afforded the Bowl refurbishment scheme without an increase in rates, at least for the first year.
That was what council leader David Christian told a special meeting on Friday, at which the local authority finally brought its involvement in the ?3.5 million project to a close.
The scheme, which would have been jointly funded by the council and central government, was defeated by the narrowest of margins.
Councillor Colin Cain, who serves on the Public Health and Housing Committee, wasn't convinced by Mr Christian's assessment of the situation:
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