The film's production company may have been placed in administration but there are a raft of funding partners and the film should not die this time around.
The financing partners include NRW, BBC Scotland, Bank of Ireland, Glasgow Film Office, Pictorion Das Werk, IFC, and Scottish Screen.
Administrators Tenon Recovery say the film will go ahead.
Kenneth Craig, of Tenon Recovery, said: "Our priority is to make sure The Flying Scotsman is released."
Friday 8th November 2002
Obree film is cancelled; may be revived next year
The Flying Scotsman comedy bio-pic has been unable to secure the £1m it needed to start shooting next week. "I feel really sorry for Graeme Obree and his family," the film's first assistant director tells bikebiz.co.uk, ten minutes after learning the film has been cancelled.
Readers of bikebiz.co.uk know about the film's definitive cancellation before any of the stars who would have acted in the comedy. The sad news was broken to the production team just before noon today.
Tommy Gormley, the film's first assistant director ("without question one of the most established, sought after and well thought of 1st Assistant Directors in Europe, if not now the world," reckons the Glasgow Film Office), told Bikebiz.co.uk that no extra funding had been found. The crew was due to start filming on 15th November.
"We had to finish filming before Christmas and the end of the tax year," Gormley told Bikebiz.co.uk.
"I'm hoping the project can be resurrected in the Spring."