A multi-million pound bail out of the Rose Bowl would put taxpayers’ money at “great risk”.

That’s the view of a senior councillor who has slammed plans to plough £6.5m of public funds into the home of Hampshire Cricket.

The Daily Echo exclusively revealed yesterday how a leaked secret report – written by the corporate director at Eastleigh Borough Council – described the ground’s financial situation as “perilous”.

And one solution suggested in the report is to use public money to buy the 999-year lease of the club’s land and buildings before leasing it back to the club in exchange for annual rent.

This investment would be on top of a further £30m of taxpayers’ money to cover the construction costs of a hotel and spa at the venue in West End.

It is envisaged the hotel would earn the authority almost £8m in rent from the Rose Bowl in the first five years.

But Godfrey Olson, leader of Eastleigh Borough Council’s Conservative group, says he cannot support public funds being invested in such a “risky” proposition – despite being a member of Hampshire Cricket for the past 65 years.

He also believes large sums have already been spent by Eastleigh Borough Council on consultant and legal fees connected to the plans.

He added: “I was told around a year ago by council officers that more than £1m has been spent already – and I think it’s well in excess of that now.

“It’s another worrying factor.

“While I wish Hampshire Cricket every success, I just cannot see that this is a financial proposition that I would want to invest in – therefore I couldn’t support putting council taxpayers’ money into it.

“If it is a good proposition surely there must be some other private funds.

“If there aren’t, surely there’s a great risk.

“I can’t see that it’s a function of Eastleigh Borough Council to do this.”

The confidential report, leaked to the Daily Echo, was written in September this year and gave a stark appraisal of the Rose Bowl’s finances.

Rose Bowl plc said the report reflected the financial circumstances in late August and a number of “material developments and changes” since then rendered the document “factually inaccurate”.

Council leader Keith House refused to comment yesterday on Councillor Olson’s view that it would be a risky investment of taxpayers’ money and more than £1m had already been spent on developing the proposals.

He has told the Daily Echo that potential investment in the Rose Bowl would be subject to “stringent tests” of value for money and longterm benefit.

And he maintains any proposals to fund the hotel scheme or purchase the lease of the land and buildings would be decided in public, at meetings of the Cabinet and council.

The Liberal Democrat councillor says Eastleigh Borough Council has a “strong record”

in investing in the local community to support job creation, along with securing future income to protect services and keep council tax down.