Britain’s Pinewood Studios Group is set to, at long last, join Filmport to promote its Toronto soundstages, but as a manager and not an equity partner as initially intended.

Toronto city councilors on Monday night will vote on a proposal that will see Pinewood sign a five-year deal to manage Filmport, which stands to be renamed Pinewood Toronto.

That move comes as the megastudio’s original builder, real estate developer Rose Corp., looks to cash out.

Paul Bronfman, chairman and CEO of Comweb Group, which will remain as a 20% stakeholder in Filmport, on Monday confirmed a deal was in the works to bring Pinewood into business at Filmport, but offered no details.

But it is understood — as part of proposed amendments to Filmport’s lease with the City of Toronto via the Toronto Economic Development Corporation — that local Pinewood partners ROI Capital, an investment fund with ties to ACTRA, and Castlepoint Realty Partners are expected to each acquire a 20% stake in Filmport.

TEDCO is also expected to acquire a 20% stake on behalf of the city.

Pinewood late last year negotiated with Rose Corp. for a possible equity stake in Filmport, but backed out when a worsening debt market frustrated efforts by the publicly traded company to raise the required financing.

Earlier, in 2004, Pinewood and Castlepoint lost out to Rose Corp. for the right to build and operate a megastudio on Toronto’s portlands. The two companies then partnered on a proposal to build a competing studio on derelict commercial land acquired in downtown Toronto.

But as Filmport founder Sam Reisman increasingly got cold feet over his studio investment, talks were opened with Pinewood to make Filmport a North American foothold for the British studio giant.

Should Pinewood and Castlepoint secure city approval to join Filmport, they are expected to abandon plans for a rival studio in downtown Toronto.

Officials at TEDCO and the City of Toronto offered no comment on the pending reorganization at Filmport.

Filmport president Ken Ferguson also remained tight-lipped Monday. If the city okays the deal with the Pinewood consortium, Ferguson is expected to exit Filmport to make way for a new managing director who will work with Pinewood to promote Filmport’s seven soundstages in Los Angeles and London.

But while Pinewood is expected to bring attention to Filmport, long-standing hopes that the British studio will steer high-end film and TV projects to Toronto could be limited as Pinewood is a studio operator, and not a film producer like lead investor Ridley Scott and brother Tony.