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Hopes for a major leisure complex, to be sited on the former Summerland site in Douglas, have been dashed.
Talks between the Manx government and the Sefton Group have broken down, without agreement on the next crucial stage of the proposals.
John Moss reported live on the issue on Mandate at One:
Outgoing chief minister keen to 'fulfil' election commitments
Cannan replaced by Chris Thomas in job top
Chris Thomas elected Chief Minister
He won the vote 16-6 in Keys
Larne sailings at risk of disruption or cancellation
Warning for passengers ahead of forecast adverse weather
How your MHK voted in the chief minister vote
Chris Thomas elected to replace Alfred Cannan