FA Signs £300m Refinancing Deal

The Football Association (FA), the governing body of English football, has signed a £300 million financial deal with HSBC, Barclays and Santander to assist with the refinance of Wembley Stadium.

The deal reduces debt interest costs and allows The FA to channel investments into grassroots football, increasing the number of artificial football pitches, the quality of coaching and coach education and the development of England teams.

The refinancing will reportedly save at least £12m a year. 

FA CEO Martin Glenn said: “This is an important step in our move towards a more focused, sustainable FA that maximises its investments into football, especially at the lower levels of the game where our support is critical. The support of our lenders will allow us to free up more vital and significant funds, at a time where we are able to capitalise on lower interest rates.”

Andrew Crean, who joined the FA as CFO in 2013 from The Jockey Club, added: “We are delighted to have completed this new financing, which will simplify The FA’s funding arrangements and reduce the cost of finance going forward. We are pleased to be continuing our relationship with Barclays and also being able to work alongside HSBC and Santander going forward.”

Dan Howlett, HSBC UK head of corporates, said: “Football is a national past-time – we are proud to be able to support it and The FA with this innovative funding package, which will provide the association with cost-savings that they can use to invest back into grassroots football. We look forward to continuing to work with the FA to achieve its strategy.”

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