Work will begin next week on a £750 million sterling national stadium at Wembley, it was announced today.
A news conference at the Football Association`s headquarters in London announced a deal had been signed and that the demolition of the old stadium will begin, with the new Wembley set to be open in 2006.
The conference heard that the basic building costs will be £352 million and the total cost £757 million, including the full fit-out of the new stadium. The stadium will be capable of hosting football, rugby league and - with some adjustments - athletics.
The announcement was made by FA chief executive Adam Crozier, Culture Secretary Tessa Jowell and Sport England chairman Trevor Brooking.
For its supporters, the dazzling 90,000-seater stadium with a soaring 133-metre arch will be a springboard for both the England football team and the country's hopes of hosting the World Cup or even an Olympic Games.
For critics of the project, and there are many, the costs estimated at around £750 million are guaranteed to make Wembley the first "white elephant" to wear football boots.