Council bosses have decided to dismantle the ВЈ1.42 million steel sculpture which was finally unveiled two years behind schedule in 2005.
Faults have been found in the huge spikes on the 56 metre-high sculpture leading to fears they could fall off and injure passers-by.
Councillors were not prepared to pay the ВЈ2m repair costs but said the structure could be re-assembled at a later date.
The council won a ВЈ1.7m settlement at the High Court in London last November against designer the Thomas Heatherwick Studio and the subcontractors employed by them to erect the sculpture.
Sir Richard Leese, leader of Manchester City Council, said: "Thomas Heatherwick's B of the Bang is a magnificent artistic statement that was just right for modern Manchester.
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"It is regrettable that technical problems have undermined that artistic vision.
"And so, after taking into account expert views, the only practical alternative is to take the sculpture down."
The 180 tapered steel spikes are supported by five legs and there are 25m of foundations below ground supported by 900 tons of concrete.
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