Deal for £600m sale of Wembley moves closer
The £600million sale of Wembley has moved a step closer after the Football Association board agreed to press ahead with the deal despite concern in the grassroots game.
The 10-member executive’s agreement after lengthy talks means the terms of the offer from Pakistani-american billionaire Shahid Khan can now be presented to the FA’S wider council of footballing figures on Oct 11.
Having reached an outline deal in recent weeks with Khan, FA chief executive Martin Glenn and chairman Greg Clarke sought unanimous support from the board during the summit yesterday.
Khan, owner of Fulham and the Jacksonville Jaguars NFL team, said last night that the development was “welcomed and encouraging”. “I understand the discussion was open and thorough,” he said.
The FA’S biggest internal hurdle remains concern from local footballing authorities on the 127-member council over investment in the grassroots game.
The FA has already said it wants to use the windfall to invest up to £1 billion in community facilities, new changing rooms, better drainage for grass pitches and more 3G pitches, and this will be done via the Football Foundation, the charity it set up in 2000 with the Premier League and Sport England to invest in the grass roots.
Khan added: “One cannot ask for more as we continue to work through the process with the FA board, FA council, Sport England, the Mayor of London’s office and DCMS toward reaching an agreement that will serve English football for generations to come.
“Today’s development has no effect on my plans to renovate Craven Cottage and, as such, has no impact on Craven Cottage continuing to be the permanent home of Fulham Football Club.”
The FA refused to comment last night when asked whether the deal faced any opposition as the terms were thrashed out. Sources said “one or two” board members were initially opposed.
“Following on from this discussion, the FA board has agreed to take the presentation to the FA council to get its input now that the full facts are known,” the FA said in a statement.
One source claimed local-level FA officials remain concerned by the potential PR disaster of winning the grassroots money and then finding out they are unable to build the facilities. Plans to build 3G pitches and floodlights on council facilities could take years as they wait for planning permission.
Khan has been in talks to acquire the home of English football from the FA since April. The outline deal is said to include operational limitations, including that no sponsor can gain “title” rights, such as renaming the stadium or adding a corporate brand alongside that of Wembley.
Under Khan’s ownership, the stadium would still be used, on a rental basis, for most of England’s home matches, all of the current club finals and semi-finals it stages and rugby league’s Challenge Cup final.
The only exception to the status quo would be that England would need to play their home games in September and November on the road, as they clash with the NFL’S regular season.
The EFL and Premier League have agreed that their shares of the money from the sale would be put into a trust, with clubs applying to the Football Foundation for grants.