Wembley Stadium saga goes into extra time

THE long-running Wembley saga went into extra time lastnight as an announcement on the new London stadium was postponed until at least today.

A mountain of paperwork was blamed for yet another delay in officially firing the starting pistol for the 90,000-seat football and athletics venue.

Soccer chiefs, lawyers and bankers spent the day ploughing through a complex network of interlocking contracts which have to be finalised before any announcement is made. It means confirmation of the £750 million (1,196 billion euro)redevelopment was put off overnight and was expected today, though one source close to the deal said: "With Wembley, you can never be sure." Paul Newman, a spokesman for the Football Association, said outside the FA's London headquarters: "There have been no developments today."

The Wembley redevelopment is expected to cost £750 million, on a par with the cost of the ill-fated Dome and a world record for a national stadium.

It has been pointed out that Cardiff's Millennium Stadium, where FA Cup Finals have been held since Wembley closed in October 2000, cost only £190 million to build.

The famous Wembley twin towers will be replaced by a "triumphant arch" in the design by Lord Foster. It will also be able to stage athletics by installing a removable platform. The £750 million cost is understood to include £352 million to build the stadium, £120 million to buy land, £50 million for improving infrastructure, £23 million for demolition, £40 million for development costs and £80 million in financing costs.

Fees to bankers and lawyers alone are reported to add up to £82 million double the cost of building a stadium for a first division club.

The deal will see German bank WestLB make a loan of £426 million towards the project.

About £170 million has come from public money, comprising £120 million from the National Lottery and £50 million from the Government and London Development Agency.

Bulldozers are expected to move in almost immediately to demolish the existing stadium, with the new one expected to be ready in early 2006.

The last international match to be played at Wembley was on October 7, 2000, when England lost to Germany 1-0 in a World Cup qualifier.