Peter Ridsdale and Rodney Berman pose by the first turf cut

He and Cardiff Council leader Rodney Berman held a formal cutting of the turf ceremony at the site, opposite the club's current Ninian Park ground.

Developers Laing O'Rourke began work this week, with up to 300 workers expected at the height of the build.

Mr Ridsdale said: "The money is in the bank and the diggers are on site."

He added: "Today is the day when the new stadium starts."

He held an official launch with Mr Berman and Laing O'Rourke managers at Leckwith Stadium, which is being demolished to make way for the new ground.

Peter Ridsdale said the news was 'very exciting' for the club

A replacement athletics track is under construction across the road.

Cardiff FC is committed to building a 30,000-capacity stadium, with at least 25,000 seats in place when it opens.

Mr Ridsdale said the construction schedule was for the ground to be completed by May or June of 2009, in time to prepare a pitch for start of the 2009/10 season.

He said the ground would cost �42.3m plus a further �4m-5m fit-out costs.

He added he was confident of the club's case in the 21 November court action being brought by financial backers Langston over �24m of loan notes.