Memorandum submitted by Sport England
SECTION TWO—BACKGROUND INFORMATION
PROJECT FUNDING
AND TIMETABLE
4. The current timetable is as follows:
| 4.1 Obtain planning permission—
| Spring 2000 |
| 4.2 Demolition commences— | Autumn 2000
|
| 4.3 New stadium opens— | Spring 2003
|
5. The estimated total cost of the stadium is £475
million, made up as follows:
| 5.1 | Site acquisition—
| £106 million |
| 5.2 | Construction— |
£334 million |
| 5.3 | Project management—
| £12 million |
| 5.4 | Funding costs— |
£23 million |
| | |
6. The funding plan is as follows:
| | |
| 6.1 | Sport England grant—
| £116 million (of the £120 million total grant)
|
| 6.2 | Commercial debt—
| £343 million |
| 6.3 | Operating profit pre-demolition)
| £16 million |
7. The cost of conversion for athletics is estimated
to be as follows, assuming the stadium opens in athletics mode:
| 7.1 67,000 capacity— | up to £15 million
|
| 7.2 80,000 capacity— | up to £23 million
|
8. Sport England has indicated that it would be prepared
to consider an application for grant aid for these costs and the
costs of a warm-up facility in the context of a successful bid
for the World Athletics Championships in 2005.
9. Wembley National Stadium Limited are in discussion
with a number of potential funders (in relation to debt finance)
at the current time. Final commitments are due to be in place
by 31 March 2000.
| 
