Designers of the London Eye had made plans in 2006 to build a 600ft-viewing platform on Brighton seafront in front of the West Pier.
The i360 tower hoped to boast an individual experience hosting as a new tourist attraction for the City costing around £38m.
However Marks Barfield recently revealed in a meeting with councillors that their private funding had pulled out.
David Marks Managing Director of Marks Barfield has been raising money for the project since the planning permission was received.
In 2012 it was revealed he had raised £18m as well as securing a £3m loan from the Coast Capital Local Enterprise Partnership.
His last step was to raise a further £15m, which he had been hoping Brighton and Hove City Council would loan to the project.
Just a few months after confirming they would loan the money to the project they reluctantly pulled out.
Despite not having the funding David Mark is still confident that the project will go ahead.
Mr Marks told the BBC he was in between discussions with other investors and that himself and his wife have invested a lot of their own money into the project.
Geoffrey Bowden Councillor of Culture has expressed his confidence in the tower and told the BBC in 2012 that he believed the project would be a business and regeneration proposal by the council and not an act of charity.
Brighton developer Mike Holland has said he has no hope of the tower going forward and has suggested people stop talking about the tower and focus on tidying up Brighton’s seafront.
The tower is believed to bring around 670,000 visitors a year if it goes ahead.