The FA Agree £300m Refinancing Package
Mon 12th Oct 2015 | Money & Finance
The FA has put in place a new £300m loan facility it’s been announced today.
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 loan will replace the previous facility which was in place for the construction of Wembley Stadium, which cost nearly £800m when it was completed in 2007.
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 and the ongoing development of England teams at the highest level.
FA CEO, Martin Glenn, said: “This is an important step in our move towards a more focussed, 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, Group Chief Financial Officer, 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.
“Both of which will assist in meeting our objective of supporting community investments. We are very pleased to be continuing our relationship with Barclays and also being able to work alongside HSBC and Santander going forward.”
The FA was advised on the refinancing by Rothschild and Allen & Overy.
Posted by: Aaron Gourley
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