Khan ‘yes’ vote hung in balance
mandate to sell Wembley and my current proposal, subsequently, would earn the backing of only a slim majority.
“Until a time when it is evident there is an unmistakable directive from the FA to explore and close a sale, I am respectfully withdrawing my offer to purchase Wembley Stadium.”
It came as a shock to the FA, though chief executive Martin Glenn admitted the bid had become “more divisive than expected”.
Glenn, who had recommended the sale, said in a statement: “It was a very credible offer and was given serious consideration.
“Wembley Stadium is an iconic venue that is revered around world and it will continue to thrive under the ownership of the FA.”
Khan’s bid could have provided an estimated £1.5billion funding boost for grassroots football over the next 20 years.
But it became clear at a meeting last week that many on the Council had doubts, with some willing to vote against on principle.
Insiders were predicting just over half of members were prepared to back the deal, well short of the majority sought by FA chairman Greg Clarke.
Khan’s bid was worth up to £900m once the Club Wembley hospitality rights the FA would have retained were taken into account.
But while both sides left the door open to doing a deal in future, the current proposal is dead in the water.
Khan was not prepared to be humiliated by failing to win a majority and has been left bitterly disappointed at having to withdraw.
The timing of his announcement was also embarrassing for Sports Minister Tracey Crouch, who chose yesterday to throw her weight behind the deal.
Speaking before news broke of Khan’s about-turn, Crouch announced the Government “would look to be in favour of the sale”.
She said: “The FA didn’t own Wembley until 25 years ago or so. They didn’t own it in 1966 and it was an iconic venue then. Plus very few national sports organisations own their stadia.”
The Football Foundation, a charity dedicated to transforming grassroots football, said “a once-ina-lifetime opportunity” had been lost, adding the news “should come as a huge disappointment to community footballers everywhere”.
Khan was willing to include a buy-back clause. The 68-year-old had also agreed never to use the venue as collateral for a loan and to give the FA veto rights on a stadium sponsor.
That was enough to win over the organisations which helped fund the stadium, including Sport England and the Department for Digital, Culture, Media and Sport.
But Khan’s statement yesterday complained of a lack of “a proper partnership, with the full and enthusiastic commitment of all involved. The intent of my efforts was, and is, to do right by everyone”.
Wembley will still thrive