That money would help to maintain the momentum built up during the reigning year and secure Liverpool's status as an international cultural tourist destination.
The team's remit would be to continue attracting big festivals, international events, theatre premiers and other cultural attractions.
Council leader Warren Bradley said: "We are not going to shut up shop on December 31, 2008 and say that's it, it's all over. There is a robust structure in place that will see more regular funding than any other council in the country.
"Hopefully, at the end of 08 they will be self sustainable. We have got a long term strategy, the infrastructure is already here. We are looking at the future."
The business plan is expected to go before the culture company's executive board and Liverpool City Council for approval this year.
Yesterday the Daily Post and its sister paper the Liverpool Echo announced it had become the eighth official partner of the 08 celebrations in a £2m deal. A plane declaring our support was flown over the city to mark the special new partnership.
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