The lower tier was built on schedule and opened in 1998. However, difficulties with planning permission meant that the stand was not fully completed until 2001. Construction of the stand almost caused another financial crisis, which would have seen the club fall into administration, but for the personal intervention of Roman Abramovich. In borrowing £70m from Eurobonds to finance the project, Ken Bates put Chelsea into a highly perilous financial position, primarily because of the repayment terms he had agreed to.