English FA Says Shad Khan's Wembley Purchase Not A Done Deal
Although Jaguars Owner Shad Khan has confirmed that he intends to buy Wembley Stadium, the English FA team "leading the talks are keen for the sale not to be seen as 'a done deal,'" according to Prynn & Olley of the London EVENING STANDARD. FA officials have "already been approached by at least three other potential buyers" since it was revealed last month that they "have been in talks" with Khan. It is understood that the FA’s adviser, investment bank NM Rothschild, has been "instructed to 'actively make it clear we are open to offers' after the summer." The FA will "insist on a 'golden share' type mechanism in any sale agreement so that it can block a resale to another owner thought to be an unsuitable custodian of the national stadium." FA officials led by CEO Martin Glenn are "locked in detailed discussions" with Khan’s team about "legal safeguards that will allay fears that the sale could leave English football locked out of its traditional home ground." Other “non-negotiable” conditions include "keeping a royal box, a 'natural' playing surface and a capacity of at least 80,000." The FA "must also be allowed to keep its headquarters at the stadium." The FA makes almost "all its money from its ownership of the stadium through its 'Club Wembley' hospitality and corporate box business, which will not form part of the sale (STANDARD.co.uk, 6/11).