12 April 2002
Representatives of Wembley National Stadium Ltd – the company co-ordinating the proposed development of the north London site – poured scorn on suggestions that it faces difficulty in meeting a government deadline for the project.
WNSL spokesman Chris Palmer said: 'There is no problem and we are confident of receiving the go-ahead for construction very soon.'
Among other requirements, the Department for Culture, Media and Sport has stipulated that WNSL's financial package must meet stringent due diligence tests before the government hands over £20m for the development of the stadium's transport links.
Originally, the department and WNSL agreed a project submission date of April 30, but the company's bankers have experienced delays in completing their financial tests and are now hard-pressed to meet the deadline.
Significant costs could be incurred by WNSL if the stadium's contractor – Multiplex – is forced to amend its construction plans because of a substantial delay.
But a source close to the project told Public Finance: 'Although WNSL may not get the go-ahead until early May, the local government elections [scheduled for May 2] will prevent an announcement on the project until May 6 at the earliest. That would give WNSL time to meet all the department's requirements and keep Multiplex happy.'
PFapr2002
