Fears over Wembley deadline

Doubts are growing that the company behind plans to rebuild Wembley stadium will be able to raise the £300 million needed before the end of next month.

A 30 April deadline has been set for Wembley National Stadium Limited (WNSL) to secure a financial package for its rebuilding proposal. The Government has said Birmingham will be offered the opportunity to build a new national stadium if WNSL fails to find the cash.

Barclays, the bank tasked with forming a syndicate of lenders to put up the finance, is confident it can raise the money in time but sources close to the bank say it will have a struggle meeting the deadline.

Other City firms also say the venture is running out of time and add that doubts are still being cast on whether Wembley's business plan will present a financially viable proposition.

One source said: "Time is moving on. Barclays have got to show their credit committee that they've done marketing soundings and that there's sufficient interest."

The project's failure last time round and lingering concerns about any political interference could be influencing these negative opinions. WNSL, the company set up by the FAto pursue the venture,is believed to be still negotiating with both Barclays and Credit Suisse First Boston, a Swiss-American investment bank.

WNSL said: "We are in the process of due diligence. We are aiming for a financial close of 30 April and we've had no indication that that date is beyond us."

Barclays and Multiplex, the Australian construction firm with the contract to build the stadium, both declined to comment.