The Football Association have announced that work will begin on building a new £750million national stadium at Wembley from next week. The finalised deal was confirmed at a news conference at the FA's headquarters this afternoon and it emerged that the demolition of the old stadium will begin at 11am on Monday with the new Wembley set to open in early 2006.
The deal was supposed to be announced yesterday but there was a delay over paperwork. However, the demolition of the old stadium will begin with the new Wembley set to be open in 2006 were delighted to be able to confirm the deal today. It was also confirmed at the news conference that the basic building costs will be £352million and the total cost £757million, including the full fit-out of the new stadium. The stadium will be able to host football, rugby league and - with some adjustments - athletics.
Sport England have provided £120million of lottery money to buy the site, the FA are putting in £148million, German bank West LB are providing a £426million loan, while £20million will come from the Government, £21million from the London Development Agency, and the rest from sponsorship and leasing deals.
However, as expected, the deal was met with intense criticism from those who were campaigning for the new stadium to be built in Birmingham. Peter Bradley, Labour Member of Parliament for The Wreckin in the West Midlands told PA Sport: "This is not a national stadium, it's a stadium for London. It's not a fans' stadium, it's a stadium for corporate fat cats. It's not for football - it's for business and it will price the genuine fans out of out national game."
Filed by Amanda Fennelly
