Football Finance News | Football Leagues/ Association and Governance
The Football Association has reached an agreement with banks over the refinancing of Wembley Stadium.
Loans of £433 million will be refinanced following the approval of FA chairman Lord Triesman.
The loans were taken out in 2002 to help towards the costs of the £800 million stadium.
It means that Wembley National Stadium Ltd, a subsidiary of the FA, will pay £40 million per year in interest.
However, this is a reduction of between £5 million and £10 million annually.
Wembley Stadium has been riddled with problems since the original ground was knocked down to make way for the all-new 90,000-seater arena.
Originally, the stadium was due to be opened in 2003, three years after it was knocked down.
However, problems with finances and legal difficulties meant that this date was pushed back to 2006.
This target was also missed and the new Wembley Stadium eventually opened in March 2007.
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
