RYDE Gateway was closed by the Isle of Wight Council’s cabinet last night (Tuesday).
Cabinet pulled the plug on the project as costs climbed to nearly £10.5 million, of which more than £4 million would have fallen on the Isle of Wight Council.
Instead of pouring money into the controversial new train and bus station, councillors agreed to put £1.5 million into Ryde seafront improvements.
There was a commitment the council should never again get involved in schemes on land that it did not own after the Gateway ran into problems with landowner Network Rail.
It was the previous administration that won a government grant of £6.2 million for the purpose-built facilities in 2002 but it proved impossible to scale legal difficulties that the council said would prove a continuing drain on resources in addition to the increased cost of building the interchange caused by years of delay.