The English FA is poised to sign off on a whopping Stg£750 million deal to replace Wembley Stadium with a new 90,000-seat arena.
The FA is expected to sign the documents backing the project tomorrow with an announcement expected before the weekend. Under a preliminary agreement signed in May, a German bank agreed to fund the bulk of the project costs, injecting a loan of Stg£426 million.
A source close to the deal said the demolition of Wembley Stadium including its famous twin towers, which will be replaced by a triumphant arch, could start as early as this weekend. "The bulldozers are throbbing ... (the demolition) could begin this weekend but there are safety and other issues," the source said.
The estimated cost of the Wembley project, partly funded with money from Britain's National Lottery, has more than trebled since the British government announced plans to build a new English national stadium in 1996. By comparison, Cardiff's impressive Millennium Stadium cost just Stg190 million.
Filed by James Boylan.
