A Television executive is favourite to be named today as the new head of the Government body tasked with regenerating the region.

Margaret Fay, managing director at Tyne Tees Television, is the front runner in a three horse race to become chairman of regional development agency, One NorthEast (ONE).

The £48,000-a-year appointment is made by the Department of Trade and Industry secretary and the Government has kept it under wraps ahead of an official announcement at the Samsung Centre, Wynyard Park, Billingham, this morning.

But several sources close to ONE last night told The Northern Echo that the wise money was on the South Shields-born former accounts clerk.

One politician said: "She is the most likely contender for the job, because of her all-round experience."

Ms Fay is a director of Darlington Building Society, a governor at Teesside University and is a trustee of Cleveland Community Foundation.

She is also a board member of Tees Valley Tomorrow and a member of the regional leadership team, Business in the Community.

Her main rival for the two-day-a-week post is ICI senior vice-president Bob Coxon, the businessman's favourite. He was last night on holiday in Florida.

The third contender is Alastair Balls, head of the International Centre for Life in Newcastle.

Dr John Bridge's successor will have to work closely with the new ONE chief executive, Alan Clarke, the former chief executive of Northumberland County Council.