This article is from the Australian Property Journal archive
Multiplex?s Wembley Stadium project is again making the headlines. News has emerged from the United Kingdom that the venue might not be ready to stage the FA Cup Final on May 19.
According to The Guardian newspaper, an impending legal dispute between Multiplex and another subcontractor, Honeywell, could further delay the staging of test events at Wembley.
An all clear from test events will give Wembley the greenlight to host its first FA Cup Final on May 19, which has been played at Cardiff’s Millennium Dome since 2001.
The Guardian said Multiplex and Honeywell are due to appear before the High Court in London on February 26 to resolve a dispute.
The impending legal dispute is over whether Honeywell can meet the deadlines and complete all the mechanical and electrical engineering works according to the set timetable.
The Guardian said that the ruling “has jeopardised progress on Wembley, and there are understood to be concerns among FA executives that the litigation brought by Multiplex could further delay the opening date.”
Last week, FA chief executive Brian Barwick said Wembley was "on track" to host the FA Cup on May 19, but, he added that there were "no guarantees" it would be ready on time.
Multiplex has issued a statement in the UK and it said "Contrary to misleading reports in today’s media, Multiplex can see no reason why the FA Cup final should not be held at Wembley in 2007.
"Legal issues currently being resolved between Multiplex and Honeywell do not impact on site progress. Multiplex is working with WNSL (Wembley National Stadium Limited) and the FA within the timeframes allowed for practical completion as set out in the settlement reached last year.
"WNSL and Multiplex continue to work closely with Honeywell as they complete their final system demonstration and testing.”
At the same time, The Guardian said Cardiff’s Millennium Stadium is keeping the dates to host the FA Cup Final free.
Meanwhile, in Australia, Multiplex is the subject of a takeover bid from founders the Roberts Family, who has teamed with Canadian asset manager Brookfield Asset Management to private the company.
The Multiplex empire was built by the late John Roberts in Western Australia almost 40 years ago.
In 2004, the family floated the $2 billion company on the Australian Stock Exchange and had a majority shareholding of 46%. The Roberts Family Nominees later sold down its stake to 25.6% in Multiplex.
Since then, Multiplex has grown to a $4 billion company.
RFN currently hold approximately 25.6% of Multiplex Group stapled securities, with Brookfield having an economic interest of approximately 4.2%.
Australian Property Journal
