 On Valentine 's Day 1997 , the Commission announced it would support the Link with £ 32 million of funding , 42 % of the project cost . The Wheel and its associated basin was priced at £ 17 million , more than a fifth of the total budget . Another £ 46 million had to be raised in the next two years before construction could commence , with contributions from BWB , seven local councils , Scottish Enterprise , and private donations being augmented by £ 8 @.@ 6 million from the European Regional Development Fund . 
