The City of Toronto has approved a proposal to install and help bankroll new ownership at Filmport, the newly opened megastudio on leased city land.

City councilors, meeting Monday behind closed doors to consider a confidential agreement, voted 31-7 in favor of allowing Britain’s Pinewood Studios Group to take control of Filmport as part of a five-year management deal.

Once the final transaction is completed, Filmport will be renamed Pinewood Toronto Studios as the British studio giant secures a long-sought foothold in the North American market.

Also in the works is new investment for Filmport from the City of Toronto, Toronto real estate developer Alfredo Romano of Castlepoint Developments and pension fund investor ROI Capital, as they look to buy out studio founder and 80% stakeholder Sam Reisman of The Rose Corporation.

Paul Bronfman, owner of the Comweb Group and William F. White, the film equipment supplier, will retain his 20% stake in Filmport, and become chairman of Pinewood Toronto Studios.

Similar to Reisman, Bronfman said he struggled with budget overruns and an early lack of business at Filmport after it opened its doors in August 2008. But Bronfman added he ultimately decided to remain an investor in the Toronto studio complex along with the new Pinewood consortium.

Bronfman said his own contacts in Los Angeles, and those of Pinewood, which is backed by Hollywood directors Ridley and Tony Scott, should provide a ‘two-barreled punch’ to secure big-name film and TV shoots for Filmport.

ROI, which oversees pension investments for ACTRA Toronto, is expected to be the biggest stakeholder in Filmport after the Toronto Economic Development Corporation makes the confidential deal public.

TEDCO already holds the lease to Filmport, and will oversee the City of Toronto’s ownership stake in the studio complex. Eventually, Castlepoint and ROI are expected to assume majority control of Pinewood Toronto Studios when the city bows out after a transitional period.