The Maze Stadium plan is officially cancelled.

The Stormont Executive's First Minister and Deputy First Minister today announced that the mooted MLK Masterplan won't now proceed in its original proposed form.

In a joint statement Peter Robinson the First Minister and Martin McGuinness, the Deputy First Minister said: "The 360 acre site, which remains in public ownership, is a site of regional significance.

"We fully recognise the economic development potential of this site and we are committed to exploiting this potential to the full, particularly given the economic climate we now find ourselves in.

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"In order to do so, we will establish a development corporation which will take this project forward and will build on the work previously undertaken.

"It will have regard to all the elements of the site including any listed buildings.

"As we seek to maximise the economic, historical and reconciliation potential of the site we will continue to work with all those bodies interested in contributing to the development of the site," said the statement today.

"Throughout this process we have been grateful to the GAA, the IFA and the Ulster Branch of the IRFU for their work and commitment," the top politicians continued.

"As the multi-sports stadium element of the project will not be taken forward, the three sporting bodies have been asked to submit their preferred options and the Executive looks forward to receiving a report on the outcome of that process and we remain committed to meeting the strategic stadium needs of the three sporting bodies."

See: SF Slams Minister As Maze Stadium Plans Axed

(BMcC/JM)