The team blamed the demise of the plans generally on the public sector parties, who they say, "lost the will to deliver the scheme".
The accusation of spiralling costs was dismissed and the inquiry chairman, Cllr Paul Brant, was told how costs rose but so did value of the site because of the number of residential apartments and other uses.
Yesterday, committee members heard from the consortium: "The project was fully de-risked by July 2004, with a guaranteed maximum price for the public sector.
And, a spokesman added: "The Cloud scheme was on target for the 2008 celebrations."
Reductions in the size of the public space in the structure and the area allocated to National Museums Liverpool has been blamed on the Fourth Grace consortium but representatives argued that it was not their decision.
Speaking about the many changes made to the original competition entry, a spokesman added: "Our biggest mistake was trying to please everyone, we were too helpful."
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