THE future of a livestock market in Monmouthshire is in doubt after council chiefs revealed a £1m shortfall in funding.

Steve Greenslade, Chief planning Officer at Monmouthshire county council, admitted to more than 100 concerned farmers that the project is expected to cost in the region of £4million, exceeding the County Council's commitment of £3million towards the new market.

Speaking at an open meeting called by the NFU, Mr Greenslade assured them there is a clear commitment with MCC, who are now in the driving seat after it was agreed it should take over the project from Abergavenny Market Auctioneers Ltd (AMAL), for a market in the county.

"We are still looking at £4million just to develop a market but we are £1million short. The project have as a group agreed to go back to the council."

"Despite the fact that this is a political commitment by the authority there will be opposition," he warned.

Paul Miles, project manager for the Raglan market site explained that the design team appointed by MCC has discovered that major upgrades are needed if the replacement market is built at Lower Castle Farm.

"It's not good news at all. There are fundamental problems with the drainage which can be resolved. The bottom line is it's very expensive," he said.

"If we get planning consent we are looking to start construction in August and open a viable market in January."

Cllr Bob Greenland pledged to do what he can to make the market a reality and urged all parties to work together.

"We have got to find another way to get this money and move forward. I believe we can get over this problem but we can't do it as three separate organisations (AMAL, MCC and NFU)."

Cllr Chris Woodhouse said he believes MCC will agree to fund the shortfall. "If we can prove this partnership works I believe hands will go up to allow us to have this money."

Auctioneer Keith Spencer, (AMAL) said: "I suspect too many promises have been made and money spent before it has been earned."

"We as auctioneers have bent over backwards and have compromised on the size of the market and number of pens to try and get it within £3m. The under-funding of £1million is down to ground conditions we weren't aware of.

"We felt that we had a shotgun to our heads when we signed the agreement. MCC took it over and found they could not build it for that price either."

Mr Greenslade admitted that the money from the sale of the Abergavenny site would be enough to build two markets but added that the council has committed money to deliver a new library, cinema and to develop the Brewery Yard.

One farmer questioned what they would get if a co-operative was formed and shares sold in the market. Cllr Greenland explained that although the freehold must remain with MCC there are possibilities of return via an on-site caf.

A defiant chair of the NFU, John Biggs, said: "The capital must come from the council. We will fight your cause. If auctioneers, farmers and MCC work together we can make it work."