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Construction Begins Monday on New Wembley Stadium - 2002-09-26

Work begins Monday in Britain on a new Wembley Stadium after years of delay. British football officials say the project will cost nearly $1.2 billion and take four years to complete.

Officials from England's Football Association say that all the financing is in place and the contracts have been signed for the redevelopment of London's fabled Wembley Stadium.

The chief executive of the Football Association, Adam Crozier, says the new 90,000-seat Wembley could help Britain win a future bid to host soccer's World Cup.

"It is absolutely recognized as the finest football icon in the world," he says. "Every player, every manager wants to take part in a game there. So there's a real opportunity for us to use that in the future. And we think it will become a wonderful icon all over the world."

The old Wembley's landmark twin towers will be torn down and replaced by a vaulted arch that officials predict will become the new symbol of England's national stadium.