The Courier & Advertiser (Perth and Perthshire Edition)
Billionaire pulls plug on his Wembley deal
STADIUM: Shahid Khan says offer was more divisive than he had anticipated
American billionaire Shahid Khan has withdrawn his offer to buy Wembley Stadium from the Football Association.
The proposed deal was worth £900 million and the FA intended to spend the windfall on transforming grassroots facilities across the country over the next 20 years.
But the idea of selling the stadium, which cost £757m to build, has always been controversial with many in the game and Khan, who owns Fulham and the National Football League’s Jacksonville Jaguars, has now given up trying to win them over.
In a statement, FA chief executive Martin Glenn said: “Shahid Khan has informed us today that he will be withdrawing his offer to buy the stadium – and we fully respect his decision.
“Mr Khan believed his offer to buy Wembley Stadium would release funds to help improve community football facilities in England and that it would be well received by all football stakeholders.
“At a recent meeting with Mr Khan he expressed to us that, without stronger support from within the game, his offer is being seen as more divisive than it was anticipated to be and has decided to withdraw his proposal.”
Glenn, who has lobbied hard for the deal, added that the “iconic venue... will continue to thrive under the ownership and direction of the FA” and noted that the debate sparked by Khan’s offer has “raised awareness” of the need to upgrade England’s community facilities.
As well as having the support of the FA’s senior leadership, the proposed deal was backed by the government and the professional game, but there were significant doubts elsewhere, most notably at the grassroots level itself.
Khan had eventually hoped to use Wembley as a home for his relocated Jaguars and was willing to agree to a number of highly restrictive conditions on how he would run the national stadium, most notably in terms of maintaining it as a venue for all of English football’s biggest games.
But concerns about whether the FA was selling the family silver too cheaply, its ability to spend the money wisely and Khan’s long-term plans for the stadium have all conspired against the sale.
The unlikelihood of this position changing became obvious at a meeting of the FA Council last week, when the room was evenly split, something the FA’s own nationwide consultation with coaches, fans, players and officials had already discovered.
The council was scheduled to meet again on Tuesday to vote on the matter, but that meeting will now presumably be cancelled.
Khan, 68, said he “cannot rule out” coming back to the table at some point in the future if “the Football Association family is unified” on the deal’s merits, but said the “journey was not without its rewards”, as he made new friends along the way and would be “willing to re-engage with the FA on this matter under proper circumstances”.