The Victoria and Albert Museum has formally dropped plans to build Daniel Libeskind's Spiral proposals.
The museum's trustees have decided that it is pointless pursuing the project after it was again turned down for Heritage Lottery Fund (HLF) cash last month.
They have now admitted that there is nowhere else to turn for the funding required to build the project, planned partly to accomodate the RIBA Drawings Collection.
V&A director Mark Jones said he was enormously disappointed: 'This is a sad loss for the museum and a sad loss, I believe, for London as a whole.' 'We remain profoundly grateful to Libeskind for his vision, his unfailing commitment and his passion for the V&A. Daniel is one of the world's most outstanding architects and the spiral would have been one of the most inspiring and exciting buildings in London.
'It is with great regret that the V&A has decided that it is not to go ahead with the project following the HLF's decision last month, ' he added.