VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

FA's move to Wembley costs 17m

Thu 16th Sep 2010 | Money & Finance

Accounts released today are expected to show the true cost of the Football Association's move from Soho Square to Wembley

The accounts will show the move cost the organisation £17m, a switch which was supposed to mark a new age of austerity.

It’s not all been bad news as the accounts also reveal a £3million overall loss in 2009 - better than the £12million loss in 2008. However, the collapse of Setanta and the move to Wembley has left the organization with a £60 million shortfall to fill.

FA general secretary Alex Horne said: "2009 was a difficult year for the FA Group as it was for the UK economy as a whole.

"The headline was the loss of our domestic broadcast partner, Setanta, as well as one of our overseas broadcasting partners, Gateway.

"We also struggled to find a replacement tenant for our former offices in Soho Square having moved to Wembley in August 2009 and made a significant provision for that situation.

"But we have persevered and we made new broadcast deals with ITV, ESPN and Supersport and have now exited the Soho Square lease."

The full extent of the FA’s financial burden are laid bare in the accounts and shows an increase in its staff wage bill from £37.6m to £42.6m,

Most significant of all is the cost of refinancing the loans taken out to fund the construction of the £757m national stadium. The 2009 figures show the FA made total payments of more than £30m to its Wembley National Stadium Limited subsidiary.

Horne, said that the FA had budgeted to continue to subsidise Wembley to the tune of £20m per annum in 2010 and 2011 and £12m a year in 2012 and 2013.

But according to the 2009 accounts, it still owes £309m to the bank under the terms of a refinancing agreement signed in 2008 and £62.4m to the FA.

 

 

 

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Chancellor Misses Rate-Relief Open Goal In Budget

Thu 9th Mar 2017 | Money & Finance

Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...

Leicester City make pre-tax profit of 16.4m after winning Premier League

Thu 2nd Mar 2017 | Money & Finance

Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...

Liverpool FC announces financial results for year to May 2016

Wed 1st Mar 2017 | Money & Finance

Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...

Wolverhampton Wanderers Post 5m Profit

Tue 28th Feb 2017 | Money & Finance

Wolverhampton Wanderers have posted a profit of over £5m in their latest accounts. The club’s headline financial information shows a pre-tax profit of £5.831m for the year ending 31...