But contractor faces £950,000-a-week fine if project runs over July 2009 deadline set by Dubai International Capital
A confidential document has revealed that Laing O’Rourke is expected to be the contractor on the redevelopment of Liverpool’s Anfield Stadium.
The stadium is expected to be completed by July 2009 and the contractor will face penalties of £950,000 each week it overruns past its completion date.
The tight schedule and strict rules are due to the fact that the stadium’s redevelopment has been the clinching factor in a deal which has seen a £450m bid for Liverpool Football Club by Dubai International Capital (DIC).
The DIC sees the stadium as the club’s ‘hidden value’ as long as it is redeveloped.
DIC will raise around £300m through bonds to fund the stadium’s construction. This money will be split to cover the repayment of £120m worth of existing debts, £105.8 to complete the construction and £5m professional fees.
Three banks have been approached to help fund the project, Bank of Ireland, Royal Bank of Scotland and Bank of America. The latter is tipped to be the front runner at this stage.