Over the recent Bank Holiday weekend, Mr Krishnan sold ExCeL to an exhibitions group backed by the Crown Prince of Abu Dhabi for £320m. Chief executive Jamie Buchan has already left ExCeL and Kevin Murphy, who was No 2 to Buchan, has stepped up to chief executive.

Mr Murphy told BB he was restricted by the takeover code on what he could say, but promised further and fuller announcements would follow soon, before jetting off to Abu Dhabi last weekend. But Mr Murphy did confirm to us: 'I have assumed the role of chief executive and will lead the team through the full completion of our campus.

'The Abu Dhabi National Exhibitions Company (ADNEC) fully supports our vision of Phase 2 & 3 and - as has always been the case, subject to industry support and commitment - we will commence construction of Phase 2 this summer, completing in April 2010.'

I am committed here until after the Olympics, Murphy added. The rest of the team remains the same and there will be no other departures, but possibly further arrivals to strengthen the team.

Andrew Williams, MD of National Boat Shows (NBS) told BB : 'It looks like the extension will be going ahead and it's all good news for the development of ExCeL, and we're very pleased about that.'