Bermuda could be a step closer to winning its tug of war with the Isle of Man over a lucrative satellite slot, said Premier Ewart Brown.

He said his meeting with Overseas Territories Minister Lord Triesman had indicated a break-through might be around the corner.

He said: ?We did get some indication the long-awaited memo of understanding from the Foreign and Commonwealth Office will be ready within days establishing Bermuda?s right to negotiate the use of the space.

?This could be a significant economic boost for Bermuda. It could become a third economic pillar.

?But it?s early days. The idea is if we had to get the legal foundation clarified and established and then we will move to develop it.

?Essentially in 1981, I think, every country on the planet was given a slot.

?We did nothing with it as most countries have yet to do and then we were informed in the late 1980 or early 1990s that the Isle of Man had placed a satellite very close to ours in such a way it could harm our ability to benefit economically.

?That started the legal wrangling that continue to this day.

?We said to Lord Triesman the UK gave the Isle of Man the permission and therefore we are asking the UK to look into a way of leading the settlement.?

But he believes it will still take at least another year to sort out with lawyers now involved.