"We understand that the FA has made this decision on the basis that it requires 100% certainty that the venue will be fully functional by May 13, 2006, the scheduled date for the 2006 FA Cup Final," a Multiplex spokesperson said in a statement.
He added that the board was disappointed with the Football Association's decision, but it was still working to finish Wembley as early as possible.
"The FA Cup decision does not have any direct financial implication," he said. But he also warned that if Multiplex fails to meet deadlines to complete Wembley it would face "significant additional costs including liquidated damages." The company is contractually obliged to pay euro 1.46 million ($1.74 million) a week for late delivery of the stadium, which had been due to be ready by March 31.
The possibility of moving the cup final to Cardiff was raised last month when Multiplex warned of a "material risk" that the troubled Wembley project would not be available by May 13. The company issued six profit warnings last year, largely due to cost blowouts at the project to rebuild the stadium, and shares plunged 42% during 2005.
The problem for Multiplex is that the Football Association has also decided not to confirm the Community Shield curtain-raiser on Aug. 13 as the first match at the new stadium. They are understood to be reluctant to commit themselves to another launch date since they do not know when Multiplex will complete the euro 1.1-billion ($1.3-billion) arena.
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