The FA's Finance Director, Jamie Magraw, commented: "This was a difficult decision for us, particularly since the Bear Stearns team have worked hard towards putting together the private placement. We are grateful for their support.

"However, certain recent developments for our business, including an improvement in the availability to us of short-term finance, have meant that the private placement route no longer represents the best financing option for us at this time.

"We will use the period of the short-term finance to consider our longer-term financing options."

In relation to the National Football Centre, The FA will now complete the initial landscaping works for pitches, drainage, infrastructure and ongoing estate management as originally planned and will consider a revised schedule for the completion and funding of building works as soon as possible.