neville has his say on potential wembley sale
Former England defender Gary Neville has hit out at the “bizarre” numbers behind how the proceeds from the proposed £600m sale of Wembley will be shared to grassroots football. The potential sale to Fulham owner Shahid Khan will go to a vote of the Football Association Council on October 24, the governing body has said. Some have agreed with the FA’s plan to use the windfall to transform grassroots facilities, while others have likened it to selling the crown jewels. As part of the detailed financial plans, contained in a document seen by the Press Association, the FA has set out how the net £590m proceeds from Wembley’s sale will be reinvested in community facilities via the Football Foundation. This will, according to the governing body, result in £46m of investment per annum over a 20-year period, with the remainder earning interest. The FA says this would result in a total of £920m being made available over the time frame, which assumes a five per cent rate of return. Currently the Bank of England base rate is 0.75% Former Manchester United defender Neville, who won 85 England caps, labelled the FA’s plans to sell off Wembley as “ridiculous” when he appeared at the House of Commons in July. Yesterday Neville again criticised the proposals. “The numbers are bizarre. The most bizarre is how they supposedly grow the sale proceeds per annum post sale,” he said. Khan’s offer also includes £300m in retained hospitality income from Club Wembley. Neville later also posted: “This sale can’t go through. It’s short-term thinking and I’m sure will be blocked by councillors once they start to delve into the detail.”