The author critically examines the Single Regeneration Budget (SRB)—the latest urban initiative to be introduced by the British government—through the use of urban regime theory. Set against the backdrop of the shift from government to governance, the SRB is read as a mechanism through which those occupying ‘spaces of governance’ are further empowered. With the real costs of the competition hidden, the author seeks to unpack the bidding partnerships, seeing the SRB as a dynamic process. Grounded in the USA, urban regime theory seeks to explain the rise and management of coalitions. In conclusion, the author suggests that the discourses surrounding the SRB, which emphasise empowerment, the role of the ‘community’, and the importance of coalitions in procuring discretionary funding, outweighs the monies available and that instead it is participation in the competitive process that is important.