Deal Struck On Wembley - 22/10/2006

When I was coming back from the match on Saturday, my train from Marylebone passed Wembley Stadium. Blazing with light, it looked splendid, although it remains uncertain whether it will stage next year's FA Cup final. However, hopes have been raised by a deal struck between the FA and builders Multiplex which avoids a costly and acrimonious court battle over delays to the construction off the stadium. The deal was brokered by Labour peer Lord Carter. WNSL, a FA subsidiary, has insisted Mutiplex was liable for penalty payments for failing to build the stadium in time for last season's cup final. In response, Multiplex had blamed design changes imposed on it for the delays and extra costs. The terms of the deal have not been made public, but WNSL is expected to pay Mutiplex about £35m on top of the original £458m fixed-price construction contract. According to reports, the FA would pay Multiplex an additional £70m, but just under half would be returned in penalties. It is believed that the payment is conditional on the stadium being ready for a grand opening at the FA cup final on May 19. Multiplex, which issued six profit warnings last year, faces losses on the project nearing £150m.