Football Association officials hope the new Wembley will be completed by early 2006.
By 2011, they forecast it will be turning in annual profits of £20m.
Below is the countdown to the completion of the new home for English football.
Sept 2002-March 2003: The old Wembley will be slowly demolished with
the help of specially built mechanical shears. The special scissor-type construction is the largest of its kind and has been specially built for the Wembley demolition.
Nov 2002-late 2003: The piling of the foundations for the new stadium
will begin to be put in place as soon as sufficient space is cleared by the
demolition of the old Wembley.
Late 2003-late 2004: Most of the substructure should be in place and work
will begin on the steel frame that will form the skeleton of the new stadium. New terracing will also begin to appear.
Late 2003-mid 2004: The now-famous arch will be assembled
on the southern side of the site and rotated into place.
Late 2004: The fit-out of the stadium gets underway in earnest with materials for the changing rooms, toilets and restaurants all arriving on site. Up to 1,500 people are expected to be work on the stadium by this point.
Early-mid 2005: With the roof structure completed, the arch is permanently
fixed at an angle of 68 degrees.
Mid-late 2005: The seats arrive and the stadium should really begin to
take shape. The complex web of heating and drainage pipes for the all-important pitch will also be put in place.
Early 2006: The stadium opens in three stages, beginning with smaller events
to test safety and emergency procedures; a second event to open the second tier
and, finally, a high-profile event, hopefully an England international, to have
the stadium fully functioning and in all its glory.