Wembley Saga Rolls On
Alternative venues to be found for all games and events for the remainder of 2006
individual fixtures. Therefore, we believe it is important that we are transparent with our plans.”
Following an updated schedule supplied to the FA and Wembley National Stadium by Multiplex, further games and events for the remainder of 2006 are being booked into alternative venues. A statement from the FA
acknowledged that the construction of the new Wembley Stadium was significantly behind schedule. “We do not want to set deadlines on when the stadium will open and be faced with the constant speculation surrounding this as we approach
All of the football fixtures, including the two Euro 2008 Qualifiers against Andorra and Macedonia, are being moved, venues to be confirmed. The FA Community Shield on 13th
August will now be held at the Millennium Stadium
And news on Multiplex
In Australia it is reported that Multiplex has warned that it expects to breach lending covenants because of the mounting costs of its disastrous involvement in the Wembley Stadium redevelopment. The company narrowly averted a
financial crisis a few months ago when it reported a A$120 million (£50m)
first half loss and revealed it was in breach of loan covenants. Waivers for those breaches were obtained and, although it was hopeful of getting another reprieve, there was no certainty its lenders would be as forgiving a second time around. Total losses from Wembley have hit A$480 million (£200m), and a recent update from the company’s Chief Executive, Andrew Roberts, stated that no further adjustments to the project’s financial position were expected. Multiplex also faces a court hearing with the contractor Cleveland Bridge. In March, it filed an amended counter- claim in London’s High Court in its multimillion-pound dispute with Cleveland Bridge, the former steel contractor that walked away from the Wembley project after a series of disputes with Multiplex over the building of the massive steel arch, from which the stadium’s roof is suspended.
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