The Financial Times (p9) reports that the project, which consists of a science learning centre, an outdoor park and arena, is now expected to be completed some time in 2000 or 2001.
The project is being jointly funded by the council, the Millennium Commission, English Partnerships and private sector investors.
The Millennium Commission funding has been delayed because the commission was concerned about the design of the project, which includes private retail and leisure developments.
The commission was 'very supportive' of the Liverpool project, which would make a statement about the millennium for the community.
Liverpool City Council said the project remained a flagship investment in the city's economic regeneration. When it opened it would create 1,000 jobs in construction and a further 1,000 permanent jobs.