PLANS to revamp The Colosseum and bring it up to "state-of-the-art standards" could cost £6m and take up to three years to complete.

The Watford landmark has become run down and largely unused, to the point where many residents now think it is permanently closed.

Watford Borough Council has said it is committed to restoring the 80-year-old building to a fully operational performance venue with regular music and entertainment events.

However, the venue would require millions of pounds of funding to improve facilities in the hall and the adjacent auditorium and to install retractable tiered seating.

A report, by the policy development scrutiny committee into the future of The Colosseum found the refurbishment would cost between £1.5million and £6million and would require an ongoing subsidy of about £250,000 a year from the council.

However, Watford Mayor Dorothy Thornhill said the future of The Colosseum was an important part of her vision for the development of Watford town centre.

She added the council was committed to paying for the refurbishment, but warned that, while funds would not come from taxpayers, cash may have to be diverted from other projects.

She said: "We are looking very closely at the moment at how to change the top of the town from a drinkers' refuge into a family-friendly part of the town.

"However, my big, number one issue is finance and the costs of this.

"Whenever we discuss The Colosseum, everybody wants it to be all singing and all dancing, but it is absolutely evident that any subsidy for The Colosseum would have to come from other areas."

She added that she hoped The Colosseum would be hosting popular acts such as comedian Lenny Henry and singer Amy Winehouse by 2010 and confirmed the venue would be renamed.

The scrutiny committee also carried out research into how The Colosseum would be managed, and visited venues in Basingstoke, Cambridge and Southampton to see how they are run.

It recommended the council either contract the management of the venue to a commercial operator or lease the venue for management by a not-for-profit organisation, such as the Watford Musical Heritage Trust.

Business plans for the two options will be drawn up and considered by the council in the summer.