Proposals for a new city academy - partly funded by a businessman and the Church of England - have finally been backed by Leicester City Council.
The authority had been considering a bid from a former head teacher which included Chinese backing.
The Department of Education and Sport had said it might take control of the project if it was further delayed.
It was agreed at a council meeting on Monday to consider other bidders as partners in future developments.
Low pass rates
City council leader Roger Blackmore says the community needs to have its say on the academy, including its speciality.
New College has been struggling to raise standards and has one of the worst GCSE pass rates in the country.
Academies typically cost up to �20m, with private sponsors raising �2m and the government providing the rest.
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