BAM Construction, Bouygues, Sir Robert McAlpine, Laing O’Rourke and Buckingham Group Contracting are now preparing to submit bids for the 21,000 seat arena project.

Firms will submit bids just before Christmas for the two-stage contest with Bristol City Council aiming to announce the winning firm in February.

George Ferguson, Mayor of Bristol, said: “This is the next key milestone in the arena programme and takes us one step closer to delivery.

“Bristol has waited over 20 years for an arena which will at long last play a key part in the regeneration of the Temple Quarter Enterprise Zone and will make a vitally important contribution to the local economy. For the winning contractor it will be great opportunity to work with us to help shape the face of our increasingly vibrant city.”

International arena design team Populous together with Bath-based architects Feilden Clegg Bradley and engineering firm BuroHappold have developed plans for the innovative and flexible arena.

The pre-planning public consultation process has recently closed and two planning applications are due to be submitted shortly.

One detailed application is for the arena venue and access, and the other is an outline application for the future development of housing, business and leisure uses adjacent to the venue.

The council aims to borrow £53m against its City Deal and raise the remaining £38m from the arena operator and car parking income.