Developer Denizen is also main contractor on the 175-room hotel.

Denizen told the BBC: “The move follows stringent efforts… to fix the business after ‘serious flaws’ were unearthed in the pricing of a number of the contracts.

“The current outcome… was never envisaged and it was the new board’s expectation that they would be able to complete the three contracts on its books.”

The developer set-up its own contracting arm in 2007 after being let down by external contractors.

The firm’s website states: “Denizen Contracts was established in 2007 by the Monetier/Sanguine Hospitality Group, who as an experienced hospitality developer and operations company had become increasingly dissatisfied with the service of external construction companies.

“Denizen was formed to provide an expert construction operation within the business to ensure developments were delivered to the highest standards.”

In a statement, Hampshire Cricket Club said: “Whilst there will inevitably be a short delay to the opening of the hotel, funding to complete the project remains in place and the process to replace Denizen as the main contractor is already underway.

“This development will not affect the ground’s ability to host major events in 2014.”