MULTI-MILLION pound plans for a world-first fantasy theme park could collapse within days unless a new backer is found.

Developer Orcestrator wants to create a mythical Dark Ages-style theme park featuring sieges, feasts and battles, at Houghall, near Durham.

But talks with East Durham College, which owns the land, have stalled over demands for a £250,000 deposit.

Yesterday, Orcestrator said that barring a major change of heart from the college, the project could collapse without a new investor.

College principal Ian Prescott said that unless Orcestrator made a firm proposal he could put to a meeting of his board this month, the site would be put back up for sale.

The theme park would offer people the chance to live as a mythical character, journeying through a world of nonhuman beings and Viking longhouses. It would cover 250 acres, create 220 jobs, boost the region’s economy by millions of pounds and, studies suggest, attract 63,000 visitors a year.

Both sides say they are committed to the project and to resolving any problems.

Orcestrator managing director Bruce Murray said: “We are disappointed that we have put forward a pragmatic offer on how to go forward, which we felt had legs, and they could not accept that.

“We are trying to investigate alternative means of taking things forward.

“It would be a crying shame if it was to stumble over this.”

Mr Prescott said: “We think if this can come to the North- East, it will be the most exciting development the North- East and County Durham could have.

“Orcestrator is our preferred partner, because we believe what they are doing is going to create jobs, bring money in and benefit our students.

It is a marriage made in heaven.

“But I am the custodian of the public purse. I have got to do what’s right for Joe Public.

If it doesn’t happen, we will go back to the market.”

A planned £30m rebuild of Houghall College is linked to the Orcestrator project.

Mr Prescott said that if the Orcestrator scheme fell through, extra money would be needed, but that the rebuild would still go ahead and could be completed within 18 months.