New Wembley 'on target'

Fears the new Wembley Stadium might not be ready in time to stage the FA Cup final next May have been allayed.

The Football Association has booked the Millennium Stadium in Cardiff on a back-up basis, although it is optimistic of being able to use Wembley.

Property developers Multiplex, who announced their annual results this morning, stress they are on target for a March handover.

Multiplex chief executive Andrew Roberts told BBC Radio Four’s Today programme: “The construction project showing completion at the end of March remains unchanged.

“There has been some press that the FA has booked, on a contingent basis, Cardiff Millennium Stadium.

“I suppose that’s understandable if you are the FA. But their expectation, as well as ours, is that the FA Cup will be held at Wembley in May 2006.”

Multiplex will make a loss on the project, and announced they were assigning a further £3.6m (€5.3m) after-tax general contingency against potential future risks in the development.

But they foresee no problems arising in the completion stages and, in a statement, declared: “Multiplex and the client are working in a co-operative manner to ensure handover of the stadium in time for the 2006 FA Cup (final).

“Progress on site over last three months provides comfort that revised programme will be achieved.”

The Australian firm reported that the main structure is no complete with construction of the roof “well underway”.

All aspects are either on time or ahead of schedule, they announced, although variables such as poor weather and steel cost could yet have an impact.

Multiplex shares have fallen 40% this year, with the £500m (€736.5m) Wembley project taking the greatest toll of all their projects.

They posted profits of £62.3m (€91.8m), figures which were down on expectations.