Football Finance News | Football Leagues/ Association and Governance
The English FA's relocation from its former base at Soho Square to Wembley left it with debts of £17 million despite it being intended as a cost-cutting austerity measure, it has been revealed.
Accounts obtained by the Guardian showed that the timing of the move - coming after the collapse of broadcaster Setanta - and its difficulty in finding a new tenant for its former base has left it with £60 million to pay back by 2013.
However, sources within English football's governing body claim the switch will save the organisation £4.5 million on a yearly basis due to lower rent and operating costs and insist the FA will begin to make profits from 2014.
The news came after it was revealed the FA is still short of £10 million required to pay for construction work at the St George's Park centre in Staffordshire, which had been scheduled to open before the start of the 2012 Olympics.
Written by Terry Mitchell
© Copyright
21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
