The National Stadium in Ramat Gan is to be replaced by a new, ultra-modern 60,000-seat arena, according to an announcement made yesterday by Gideon Brickman, head of the Sports Betting Council, and Ramat Gan Mayor Zvi Bar.

"The plans will be completed within eight months, after which the existing stadium will be demolished and a new 60,000 seat stadium will be built in its place," Brickman said. "The stadium will be one of the most magnificent in the world and will cost some NIS 800 million."

The Sports Betting Council will contribute some NIS 300 million toward the project. Prime Minister Ehud Olmert is also expected to allocate some NIS 150 million in state funding to it, with the Israel Football Association and the Ramat Gan Municipality making up the remainder of the sum.

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A delegation will travel to Germany to examine stadiums built for last summer's World Cup before deciding on the model for the new stadium.