A deal to sell off almost half of Wolverhampton’s £300 million Summer Row complex to Irish businessmen has still not been signed, prompting fears the project could be delayed by months.

Multi Development, the company behind the showpiece complex to be anchored by Debenhams and Marks & Spencer, has spent months negotiating with three businessmen to sell 49 per cent of the completed shopping centre.

But today it emerged the deal has still not been signed, despite being in the pipeline for around seven months.

A source close to the development said: “Everybody would be really happy if it was signed but it really is on a knife-edge at the moment whether this will happen.

“It has gone on for a long time now and with the economy the way it is, there are fears it is not going to happen.

Regeneration chiefs at Wolverhampton City Council today insisted the deal was on course to be signed imminently.

Councillor Malcolm Gwinnett, chairman of the council’s planning committee, said: “As far as we are concerned the deal will be signed very soon. There are no problems with the progression of Summer Row.”