The Manx Government has given the potential purchaser of the Nunnery complex a further three months to raise the funds to purchase the site.
The Manx Educational Foundation (MEF) wants to develop an international centre for technology at the Nunnery.
Economic Development Minister John Shimmin said the Council of Ministers has agreed a three month extension to the exclusivity agreement with the MEF. He said the MEF had raised millions of pounds in funding from private sources.
Mr Shimmin said: 'This scheme is now progressing at such a significant rate that I am now confident the scheme will be realised and the many benefits can be achieved. I would like to thank those who have believed in the project and who have now backed this up with financial contributions.
'This extension allows a little more time for the MEF to finalise its fundraising efforts. As a result, it is expected that the MEF will shortly be submitting plans which will allow everyone to see how this ambitious project will be implemented and how it can make a very real difference to the DED efforts to grow our economy.'
Kurt Roosen, co-founder of the MEF, said: 'We have made substantial progress since we obtained our period of exclusivity from the Council of Ministers last October. We are particularly pleased with the level of support that is developing locally alongside our investments from China and the UK as this shows the true global nature of the project.'
The deadline has been extended to the end of June.
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