of banks led by the Royal Bank of Scotland, the club suspended work on Ashburton Grove in April 2003, saying, "We have experienced a number of delays in arrangements for our new stadium project in recent months across a range of issues. The impact of these delays is that we will now be unable to deliver a stadium opening for the start of the 2005–06 season." The cost of building the stadium, forecasted at £400 million, had risen by £100 million during that period. Throughout the summer of 2003, Arsenal gave fans the opportunity to register their interest in a relaunched bond scheme. The club planned to issue 3,000 bonds for between £3,500 and £5,000 each for a season ticket at Highbury, then at Ashburton Grove. Supporters reacted negatively to the news; AISA chairman Steven Powell said in a statement: "We are disappointed that the club has not consulted supporters before announcing a new bond scheme." Though Arsenal never stated how many bonds were sold, they did raise several million pounds through the scheme. The club also extended its contract with sportswear provider Nike, in a deal worth £55 million over seven years. Nike paid a minimum of £1 million each year as a royalty payment, contingent on sales. Funding for the stadium was secured in February 2004. Later in the year Emirates bought naming rights for the stadium, in a 15-year deal estimated at £100 million that also included a 7-year shirt sponsorship, starting in the 2006–07 season. The stadium name is colloquially shortened from "Emirates Stadium" to "The Emirates", although some supporters continue to use the former name "Ashburton Grove" or even "The Grove", particularly those who object to the concept of corporate sponsorship of stadium names. Due to UEFA regulations on stadium sponsors, the ground is referred to as Arsenal Stadium for European matches, which was the official name of Highbury. Emirates and Arsenal agreed to a new deal worth £150 million in November 2012, and shirt-sponsorship was extended to five years while naming rights were extended to 2028. Construction and opening Actual construction of the stadium began once Arsenal secured funding. The club appointed Sir Robert McAlpine in January 2002 to carry out building work and the stadium was designed by Populous, who were the architects for Stadium Australia (home of the 2000 Olympics and the South Sydney Rabbitohs NRL club) and the redevelopment of Ascot