Arsenal delay stadium plans due to lack of funds

ARSENAL have revealed a delay in their new stg£400 million stadium project, admitting the ground will not be open on schedule in time for the start of the 2005-2006 season.

The club stressed their continued commitment to the Ashburton Grove proposal but, just like the Football Association found with the new Wembley, they are experiencing financing difficulties in a testing economic climate.

Project Finance International magazine reported earlier this month the bank behind the financing of the planned 60,000-seater ground have ensured themselves a get-out clause if they fail to persuade other lenders to back the project.