A race against time is on to move Walsall Market into the centre of town by Christmas after it faces losing more than £100,000 a year at its existing pitch.

New images released today show how council chiefs envisage the stalls in The Bridge when they move from their current home in Digbeth.

A planning application has now been submitted which reveals operating costs are soaring and revenue plunging at the market in its current position. The deficit stood at around £100,000 by the end of 2008/09, a figure expected to rise unless it is moved to The Bridge.

The proposed move has been on the cards since last year but was held up after a legal challenge by Threadneedle – owners of the Old Square Shopping Centre.

Bosses at the firm feared it would drag shoppers away from its doorstep. An independent report has since been commissioned into the move to support the council’s application.

It reveals the pressure felt by the council to make the plan a reality by Christmas.

The report says: “There is currently a re-invigorated political desire to relocate Walsall Market to the area centred on The Bridge in advance of the critical Christmas period.”

If approved there will be space for up to 80 stalls at The Bridge, Park Street, Bradford Street and High Street.