Fri Aug 29 15:16:57 2008

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Construction delayed on new Liverpool stadium

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Liverpool, England (Sports Network) - Liverpool has blamed "global market conditions" after announcing Friday that work on its new stadium has been delayed yet again.

The $800 million project at Stanley Park has been dogged by problems with reports suggesting that American owners Tom Hicks and George Gillett were struggling to raise the necessary finances.

The pair have already instigated a redesign to the original plans following their takeover of the club 18 months ago.

Those plans were given the go-ahead in November last year, but the credit crunch has now been blamed for the latest hold up.

"Our commitment to building a new world class LFC stadium is undiminished," read a club statement. "Like many other major development projects in the UK and overseas, we are affected by global market conditions and as such work on the project will be delayed in the short term.

"We will use this period productively and revisit the plans for the stadium to increase its capacity to 73,000 seats."

(Courtesy of sportbox.tv)