The long-awaited £103m deal to sell Wembley Stadium to the Football Association has finally been completed.
Wembley plcs board ended months of speculation by putting pen to paper today to pave the way for the £320m project to build a new national stadium, which would form the centrepiece of the bid to host the 2006 World Cup.
Shareholders approval is expected within the next month to seal the deal, which sees ownership of the stadium and adjoining land passing to the English National Stadium Development Company, a subsidiary of the FA.
The future of the famous twin towers still has to be resolved and renovation work cannot start until at least next year, once the FA have obtained planning consent as well as the go-ahead from English Heritage to knock down a listed building.
But the finance is already in place, with the FA contributing £200m. The Sports Council, using Lottery funding, have provided £120m, from which the £103m cost of the stadium has already come.
EGi News 13/01/99
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