FA dismisses new Wembley doubts

The Wembley saga should finally end in 2007

The Football Association has dispelled fresh concerns over Wembley Stadium despite a report that says the project was close to financial collapse.

Auditors for the FA and subsidiary Wembley National Stadium Ltd are said to have had serious doubts following the row with builders Multiplex.

Despite a settlement with Multiplex, any further delays could force WNSL to renegotiate its £457m loan.

But an FA spokesman said: "We are now in a strong position to move forward."

The FA's and WNSL's auditors Deloitte and Touche reportedly had concerns over signing off the company as a going concern following the delays and long-standing dispute with Multiplex.

WSNL and Multiplex have since reached a £36m which provides assurances the stadium will open in time for next May's FA Cup final.

Despite that settlement, the accounts still express serious concerns that if the stadium is not completed by March, WNSL may have to renegotiate its bank loans.

Events have moved on significantly since the annual report was written FA spokesman

The FA spokesman told the Daily Telegraph: "We are in a healthy financial position, events have moved on significantly since the annual report was written.

"The FA and WNSL have reached an agreement of differences with Multiplex as well as successfully renegotiating the bank loan."

Multiplex's failure to deliver the stadium by the end of September meant the FA had to renegotiate a £40m loan repayment with a syndicate of banks headed by German bank West LB.

And the Telegraph quotes WNSL directors as saying: "There exists material uncertainty that may cast significant doubt on the company's ability to continue as a going concern."

WNSL have borrowed £317m, with a further £140m loan from the FA who have also agreed a financial package for the stadium.

This involves the FA paying £23m in the stadium's first year of operation, and an annual £13m afterwards.