Wembley goes into extended time

The Football Association (FA) has been given until the end of May to finalise its plans for Wembley National Stadium.

Culture secretary, Tessa Jowell, has given the organisation more time to conclude talks with its banks. The announcement follows a confirmation by the FA that it had 'substantially met' the five conditions set by the government last December for rebuilding of the stadium.

It is understood the £715m stadium will now be largely financed by German bank, Westdeutsche Landesbank after Barclays pulled out of the race last month. If the government approves the FA's scheme, construction could commence almost immediately.

'We are now entering the last phase of the project, prior to the commencement of construction,' said the FA in a statement. 'A new board and a strong management team are ready to take the project through to a satisfactory conclusion.'