Wembley Stadium is set to stay in the FA’s hands.
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The FA announced in a press release Wednesday that Fulham owner Shahid Khan had withdrawn his offer of $790 million to purchase Wembley Stadium. Khan first became interested in buying the stadium in February 2017, when he and FA CEO Martin Glenn met at the Superbowl. What followed was an informal offer to the FA Board of Directors before a formal offer was made.
The offer has been valued at anywhere from nearly $800 million to nearly $1.2 billion. In a statement, Khan said that his goal to purchase the stadium was to provide the FA with a large amount of capital which it could use to improve grassroots soccer around the country.
“The intent of my efforts was, and is, to do right by everyone in a manner that strengthens the English game and brings people together, not divides them,” Khan said. “Unfortunately, given where we are today, I’ve concluded that the outcome of a vote next week would be far from sufficient in expressing the broad support favored by the FA chairman to sell Wembley Stadium.”
The FA council was set to vote on the sale next week.
Although it cost the FA and British government more than $1.4 billion (adjusted for inflation) to renovate and rebuild Wembley Stadium, the arena hosted 33 events between July 2016 and June 2017 and in its latest published financial records, the FA recorded an after-tax profit of $21 million. So it seems that along with the sponsorships and broadcast deals, Wembley Stadium is a money maker, which makes it important for the FA to hold on to.
That being said, it’s hard to turn down a deal worth close to $1 billion, even if that’s a lump sum and they won’t receive further investments from stadium revenues in the future. In the future, maybe Khan or another owner may make another offer, one that the FA council could accept.