Menu
Facilities

FA To Save At Least $18M Per Year After Refinancing Wembley Stadium Debt

The FA will save at least £12M ($18.4M) a year after refinancing its Wembley debt, as the national stadium "moves from onerous millstone to money maker for the first time," according to Owen Gibson of the London GUARDIAN. According to the FA, which is trying to save at least £30M ($46M) per year to reinvest in grassroots football amid a "controversial round of job cuts," the new facility with a consortium of banks will "reduce its interest payments and give it more flexibility." Under the new deal, the FA expects to save at least £12M of that £30M through the refinancing agreement. The rest will come from "cost cutting and previously announced job cuts of about 100 people." FA CFO Andrew Crean said it represented a "tipping point for the FA after years battling the debilitating financial drain" of servicing the loans taken out to build the £757M ($1.16B) national stadium. Crean: "It is quite a landmark moment for Wembley and the FA because it represents the moment when it becomes an asset of the group." He said that the new financing arrangements, which allow for a facility of £300M ($460M) of which £225M ($345M) will be drawn down, "would also give the FA more financial room for manoeuvre" (GUARDIAN, 10/11). In London, Aaron Flanagan reported Chelsea and Tottenham "could host Premier League games at Wembley in the near future," which could land the FA a further £55M ($84.4M) across three years. The FA last refinanced the Wembley debt back in '08, during the "economic slump and as fears grew over their then broadcasting partners, Setanta Sports." New FA CEO Martin Glenn said that the refinancing was an "important step in our move towards a more focused, sustainable FA that maximises investment into football, especially at the lower levels of the game where our support is critical" (DAILY MIRROR, 10/12). FC BUSINESS' Aaron Gourley reported the new loan, provided by Barclays, HSBC and Santander, will be a corporate facility for the FA which will provide "increased flexibility for the FA Group as well as result in significant annual interest savings." The new loan facility is expected to allow the FA to "channel investments into grassroots football, in line with its new objectives" to increase the number of artificial football pitches in England, the quality of coaching and coach education (FC BUSINESS, 10/12).

SBJ Morning Buzzcast: March 18, 2024

Sports Business Awards nominees unveiled; NWSL's historic opening weekend and takeaways from CFP deal

ESPN’s Jay Bilas, BTN’s Meghan McKeown, and a deep dive into AppleTV+’s The Dynasty

On this week’s Sports Media Podcast from the New York Post and Sports Business Journal, ESPN’s Jay Bilas talks all things NCAA. Big Ten Network’s Meghan McKeown shares her insight into the Caitlin Clark craze. The Boston Globe’s Chad Finn chats all things Bean Town. And SBJ’s Xavier Hunter drops in to share his findings on how the NWSL is making a social media push.

Learn more about your ad choices. Visit megaphone.fm/adchoices

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2015/10/13/Facilities/Wembley.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2015/10/13/Facilities/Wembley.aspx

CLOSE