Swindon Borough Council leader, Labour’s Jim Robbins, said the project was “ready to go” as a result of the new money.
The council wants to start the design and planning process this year ahead of construction in 2027 and opening in 2028.
Previously, it was suggested that the entertainment venue could blend Swindon’s industrial heritage with contemporary designs inspired by the ABBA Arena in London.
Robbins said: “The idea is that it’s a really flexible multi-use venue with seating for up to 1,200 people and standing capacity of around 2,000. And [it will be] double the size of the Wyvern, which helps us to attract those really big shows.
“There’s still work to be done on exactly what the plans will be, but already conversations are going on with designers, theatre operators…and we are a long way down the process already.”
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