Italian shoe magnate steps forward to sponsor spruce up for Colosseum

Multi-millionaire Diego Della Valle, who counts Lord Mandelson among close friends, said it was "his duty" to step in and help for the good of Italy.

Mr Della Valle is head of the Tod's shoe firm and stepped in after an attempt to attract international backers from the US and Japan failed.

Italy's ministry of culture had been hoping to attract a "big name multinational" to help pay for the restoration with adverts in the international media.

Guardians of the Colosseum - scene of fights to the death between the gladiators of ancient Rome - have insisted that if they accept his offer they will not allow him to place advertising for his firm on the structure.

Six million people a year visit the Colosseum and there are always queues to visit the amphitheatre in the heart of Rome, but in places it is in need of repair with plaster flaking off walls.

Mr Della Valle's offer comes in the wake of a series of structural collapses in the ancient Roman city of Pompeii near Naples amid suggestions Italy's cultural heritage is being neglected.

Mr Della Valle, who also owns Fiorentina FC, said: "We cannot continue reading about pieces of ancient ruins collapsing here and there. We want to do something good for a great symbol for our country.

"We need to do this quickly. We believe it is a duty and an honour to help support our country's image and credibility. We don't need another Pompeii."

He insisted the offer would not be an advertising ploy: "We don't plan to use this sponsorship for commercial use. You won't see a giant shoe hanging from the Colosseum."

His offer, he said, must be accepted by the end of the year so Tod's can include the expenditure in its budget - accounts from last year show the company sold €713 million worth of shoes, handbags and belts.

Actress Gwyneth Paltrow has been the face of previous Tod's ad campaigns and in 2006 Della Valle entertained Mandelson on a cruise on his yacht the Marlin -- once owned by US president John Fitzgerald Kennedy.

Mr Della Valle has been married three times and has homes in Capri, Rome, Milan, Florence and near his home town of Cassette D'Ete near Ancona.

Besides Tod's he is also on the board of Ferrari, the luxury goods conglomerate Moet Hennessy Louis Vuitton and the Italian finance giant Assicurazioni Generali.

Roberto Cecchi, of the Italian culture ministry, said: "Bidding by potential sponsors closed on 30 October without appropriate responses. We will be in touch with Della Valle to discuss his offer."

Restoration work would include scrubbing away decades of black crust caused by city smog and it would take three years to complete.

Built by the Emperor Titus the arena was the largest in the Roman empire and was the sceneof spectacular games involving men and animals.

Under Emperor Nero it was used as the killing ground for Christians, sea battles and mock wars involving female dwarfs.