9 Sep 2009Wembley Stadium 'creates £86m debt for FA'

Football Leagues/ Association and Governance | Football Technology and Stadia

An analysis of the FA's accounts has revealed that the national stadium created debts totalling more than £86 million last year.

According to the Guardian, the £48 million rise in turnover attributable to Wembley Stadium was offset by the £134.6 million spent on the arena's running costs and interest payments.

The publication claims that the north London stadium has become a "huge millstone" for the FA, despite the organisation's hopes that it would become a major source of income after the rebuilding project was completed in 2007.

Commenting on the FA's financial report, chairman Lord David Triesman said: "We are acutely aware of the wide-ranging impact of the economic downturn and are taking action to control our own cost base as a prudent response to the current climate."

Construction of the new Wembley, which boasts a capacity of 90,000 seats, began in 2003 after the old stadium was demolished.

The keys were handed over to the FA in March 2007 and the first official match involving professional players was a 3-3 draw between the England Under-21 and Italy Under-21 sides.

Wembley is due to host the final of the UEFA Champions League in 2011.

Written by Terry Mitchell

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