Ferguson's owner has tabled a rescue deal to secure the future of the yard

The Telegraph has learned that the billionaire businessman has offered to split the soaring final bill for MV Glen Sannox and Hull 802, as it is currently known, between the Scottish Government and his firm Clyde Blowers, the yard's parent company.

In return, the government would be given a stake in Ferguson Marine.

It's hoped the offer will break the deadlock and pave the way for the long-awaited completion of the pair of 100-metre dual-fuel ferries, which are almost 17 and 23 months late respectively.

It has been widely reported that the final bill for the vessels could be double the original £97 million contract price.

The Telegraph understands Mr McColl has offered to stump up 50 per cent of that - around £50m - if the government will meet him halfway and pay for the rest.

The proposed deal would also safeguard the jobs of around 350 staff who are employed at the Port Glasgow yard.

A source told the Tele: "The proposal is on the table to the government. "It would save taxpayers the most amount of money - £50m - get the boats built and keep Clyde Blowers involved in the company to attract commercial work.

"It's up to the government now.

"Time is of the essence."

It is understood the public-commercial partnership proposal is now being mulled over by civil servants and lawyers.

A fortnight ago it emerged the yard could be nationalised by ministers in a desperate bid to break the deadlock between Ferguson's and government-owned ferry and harbour company Caledonian Maritime Assets Limited (CMAL), which is also based in Port Glasgow.

Both firms are in a dispute over the extent of changes made to the designs of Glen Sannox and Hull 802 and who should foot the final bill.

The matter has been further complicated by the fact Ferguson’s has received £45m worth of government loans to aid the transformation of the yard, which Mr McColl saved from administration in 2014.

Mr McColl previously described the ferries as an 'albatross' around the neck of the business, adding that it would be a 'godsend' to 'get rid' of them.

Fears have been raised about the future of the yard and its 350 employees if a deal is not struck to finish the contract.

On Monday Mr McColl met privately with the leader of Inverclyde Council Stephen McCabe and opposition counterpart Chris McEleny at the Newark facility to discuss the situation.

This followed talks last week with Scottish finance secretary, Derek Mackay, who has been drafted in to handle the negotiations with Clyde Blowers.