The city's Conservative Council had said that they could not afford the £6.2m for the project to go ahead and were about to rubber stamp the scrapping of the revamp budget.
That was until Higgs, who is a trustee of his father's Alan Higgs Trust which owns the venue for City's Academy stepped in with an undisclosed offer of financial support.
Higgs who has been tipped as a possible future City Chairman made his money in the City of London,declined to comment on the proposal.