FA seeking bids to rival Khan’s £1bn Wembley deal
Shahid Khan’S £1billion deal to buy Wembley could still be thwarted after the Fa confirmed they will hold a ‘full and open sale process’ if selling the stadium is considered viable. in light of concerns that the Fa risk under-selling Wembley if they were to accept the first proper bid, they have made clear they will seek additional offers to ensure value is maximised. Yet local MP Barry Gardiner has warned that a move to push the price up could drive down subsequent investment from the buyer in the area. There is also the possibility that the inevitable delay caused by such a sale process could irritate Fulham owner Khan, who tabled his offer months ago. This afternoon, the digital, Culture, Media and Sport committee will have the opportunity to grill Fa chief executive Martin Glenn on the proposed sale of Wembley and the future of English football. however, written evidence submitted to the committee in advance of the hearing has shed some light on the deal being considered and the protections being sought. The nine-page document states that the £161million of public money that helped fund the stadium will be repaid and the Fa would give the Football Foundation responsibility for investing the proceeds of any sale into community football projects. The Fa also expect that all major fixtures would remain the same apart from the autumn internationals, which would likely go on the road. The Fa will seek a long list of conditions, including the prioritisation of Fa events, full support for bids to host international football events and other major sporting events, and the hosting of Euro 2020 matches. They will also insist that the name Wembley Stadium is retained. Meanwhile, evidence submitted by Sport England, which invested £120million in the stadium, highlights how closely it is investigating the possibility of a sale. The government agency has hired accountancy firm Grant Thornton to ‘carry out an assessment of any proposed purchase and their business plan’. it is unclear whether Sport England will consider whether Khan fits within the Fa’s agreements on the profile of any future shareholder. Their evidence says the Fa undertook to the public funders that any new or future shareholders would be ‘commercial financial institutions or established providers of stadium content’.