New stadium on hold until recession is over

Liverpool football clubs new stadium will not be built until the global recession is over and credit becomes available to finance the $800 million project reports the Telegraph.

The 60,000-seat Stanley Park replacement for Liverpool's historic Anfield was initially planned to open next year, but the economic downturn forced co-owners Tom Hicks and George Gillett Jr. to halt building work last August citing "global market conditions."

A statement last year promised: "work on the project will be delayed in the short term," adding "we will use this period productively and revisit the plans for the stadium to increase its capacity to 73,000 seats."

However, a date stating when building work would resume was never set and Liverpool's new managing director Christian Purslow confirmed today that the stadium has taken a further set back:

"Construction on the stadium will begin when the current contraction in the banking industry ends and the global financial markets re-establish their equilibrium."

"The centerpiece is to deliver a world-class football ground that everyone can be proud of, a new home for the club with a stadium of at least 60,000 seats, giving the best possible match experience."

The article adds: "Purslow hopes the stadium on the adjacent Stanley Park will be ready in time for 2018 to stage World Cup matches should England's bid to stage the showcase event prove successful."