Wembley Stadium Set To Report £20m Loss

Wembley National Stadium Limited is expected to report a loss of more than £20m
for its first year of operation.

Football Association sources insist the £800m stadium will eventually
generate large profits but concede losses are again expected next year.

Including interest payments on the £346m loan, Tuesday’s WNSL board meeting
is set to be presented with a pre-tax deficit of around £40m.

The loss stems from heavy start-up costs in the first year of operating.

WNSL’s accounts are due to be published in mid-May, before which the board is
set to receive an update on refinancing negotiations for the outstanding loan,
which was taken out in 2002 to pay for the stadium’s construction.

The refinancing deal, over which the FA is reported to be holding talks with
WestLB and Barclays to reduce interest on the loan from 8% to 7%, indicates the
banks believe the company is a viable proposition.

With new broadcast rights deals worth over £550m, and there being no limit on
the number of events Wembley hosts, the FA’s finances appear to be in good
health.