London landmark Alexandra Palace is set to be transformed into a leisure complex after the local council announced Firoka as the preferred bidder for the redevelopment.
Firoka, headed by Firoz Kassam, owns hotels and Oxford United football club.
It won the bidding process by pipping rival the Earls Court and Olympia Group.
Kassam came to the UK as a penniless refugee from Tanzania and started out washing dishes in restaurants. He progressed to running a fish and chip shop before eventually making a fortune estimated at £250m.
Negotiations for a 125-year lease are now underway, which should see the construction of a hotel, restaurants and bars on the 196-acre site.
In addition, leisure facilities such as an ice rink, cinemas, bowling alley and fitness club will be added as part of the £55m revamp.
The site has been run by Haringey council since 1980. In that same year a fire caused serious damage and parts of the building have been left derelict due to lack of funding.
By Andrew Sangster
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