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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:
Island falls silent to remember them
Two-minute silence held to mark Remembrance Sunday
Average wait of 11 weeks for Disability Living Allowance claims
Reduction in overall average since summer
Man sexually assaulted woman as she slept on beach
Deemster brands assault "quite horrific"
Appeal for Onchan FC memorabilia
Plan to furnish new club house with memories