The cost of building Brighton and Hove Albion's Falmer stadium has risen by £9 million since a Government blunder delayed the project by almost two years.

Despite the rise - caused by inflation and the rocketing cost of raw materials - the club has assured fans the £50 million budget is adequate.

Former deputy prime minster John Prescott originally granted permission for the stadium in 2005, a decision later quashed after a mistake in the wording of the approval document.

The soaring price of steel, fuelled by Chinese construction, led to fears the club could have trouble securing the finance for the 22,500-seat arena.

The concerns were exacerbated after the cost of Liverpool's new stadium leapt by 25 per cent, and news the 2012 Olympic stadium in London will cost £216 million more than originally predicted.

Albion chief executive Martin Perry said: "The cost of actually building the Falmer stadium has risen £9 million since the original decision.

That's what that mistake has cost us.

"However, throughout the process we've been very conscious of the Olympics, inflation and how construction prices have been moving. We have always taken that into account in our business plan and have certainly not been caught out by it.

"We have conducted a value engineering exercise and revised the stadium architecture to ensure it is as efficient as possible. For example, we have removed a floor from the original internal design. Those changes won't affect the quality of the stadium at all and if anything the design will improve the stadium experience for supporters."

After a decade without a permanent home, Albion were finally given approval by Communities Secretary Hazel Blears in July.

The club has now invited construction firms to apply to be included on a shortlist of four. An announcement appeared in this week's edition of Contract Journal, a leading industry magazine.

Mr Perry, who is leading the five-strong stadium project team, described the news as a "major step forward".

The contract is split into two parts. The bulk of the highway work, including the flyover and new access to Sussex University, is being paid for by a £5.3 million grant from regional development agency Seeda.

The main construction contract, which includes the stadium and the bus and coach interchange, will be procured through the two-stage tender process currently being advertised. Firms such as Sir Robert McAlpine, Laing O'Rourke, Bovis Lend Lease and Alfred McAlpine could be among the bidders.

The club has been working to secure the majority of the cost through sponsorship, grants, sale of assets and investment.

Mr Perry confirmed the club will put a multi-million pound price tag on the name of the stadium and the deficit will then be borrowed and paid off annually from gate receipts.

Mr Perry added: "We are very advanced on a number of levels - funding, legal agreements and the stadium architecture.

"We are updating our business case appropriately and will soon be in a position to approach the banks. These are exciting times."

The first ground in the UK to take its name from a sponsor was Scarborough's stadium, which was named after the frozen chip company McCain.

Bolton's ground was christened the Reebok Stadium when it opened its gates in 1997.

Huddersfield Town's 25,000- seater stadium was the subject of a £1 million sponsorship deal by pharmaceutical company Galpharm in 2004.

Players and officials have toured almost every new stadium in the country to assess what works, what doesn't and what the club should aspire to.

An exhibition to display detailed plans for the stadium is being planned and supporters will be asked for their views before the final design is approved.

Albion hope to kick off the 2010/11 season in their new home, some 13 years after the club's final game at the Goldstone Ground.