The Charity Commission has formally approved the leasing of Alexandra Palace to a private company.

Haringey Council, which deals with the administration surrounding the palace, needed the commission's consent to grant the 125-year lease to its preferred bidder Firoka (Heythrop Park) Ltd.

A public consultation ended in January and the commission has now approved the grant of the order in principle, a legal document drafted by the council setting out why the lease is in the interests of the Alexandra Palace and Park Charitable Trust.

Keith Holder, of the trust, said: "The trust received written confirmation on Monday night that the order had been granted, and we expect to make a more detailed announcement in due course.

"The lease for Alexandra Palace is now unconditional, and we will complete the formalities shortly. I am delighted we have secured the future of the palace and to bring in a partner who sees the great potential in it."

The multi-millionaire Firoz Kassam, who owns Firoka (Heythrop Park) Ltd, has controversial plans to turn the palace into casino and add hotels, bars and restaurants.