On a day when English soccer fans could have used some good news, Australian construction company Multiplex has announced that the new Wembley Stadium development faces fresh delays and may not be completed by its September deadline.
The troubled £757 million ($2.2 billion) project is already seven months behind schedule
but this time the delays have been caused by the venue's owner, the English Football Association, Multiplex said.
Most of the construction on the 90,000-seat stadium - which will be the world's most expensive - will be completed this month.
However, the final work such as cleaning can't be finished until the association completes its fit-out of the venue, including restaurants and retailing.
Delays forced the association to move the FA Cup final in May to Cardiff's Millennium Stadium and shift concerts by Bon Jovi and Robbie Williams.
Construction has been bogged by subcontractor disputes, delays and rising costs.
The opening date will depend on when the association finishes "a series of critical works and activities in order to make the stadium operational", Multiplex said.
Works for which the owner is responsible "may not finish by September 2006 and therefore the date of practical completion may be delayed".
Multiplex is seeking a contract extension to October 2007.
Completion of the stadium after September won't change forecast 2006 earnings, Multiplex said. The company said in February it would post a loss excluding property revaluations of A$62.5 million ($47 million) for the year ended June 30.
- BLOOMBERG
