Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
How Wembley Nearly Felled the FA
The Guardian, November 17th, 2006 4:09PM

MOST READ

MOST COMMENTED

The renovation of Wembley Stadium has to go down as one of the worst stadium construction disasters in the history of sport. In fact, the Guardian tells how the English Football Association almost fell apart as a result of the botched project. Wembley National Stadium Limited is the wholly owned subsidiary of English soccer's governing body that was put in charge of managing the rebuilding of the storied English stadium. Auditor Deloitte & Touche refused to sign off on the stadium company's project because it doesn't think Wembley's returns will be enough to cover the enormous cost of its renovation. That's very bad, by the way, because the FA would have to pay off the company's failed creditors with a $47 million "financial support package." The FA is already some $523 million in debt, to which any addition might have sunk the association. Thankfully, stadium constructor Multiplex, which is already owed some $270 million from WNSL, agreed a deal to help bail the FA and WNSL out, and now Wembley looks assured of opening in time for next year's FA Cup Final. Wembley was originally scheduled to reopen in January 2005, which resulted in the satellite company breaching the terms of its bank loans. Read the original story...


No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Section 2 Around the Net
City's Negredo Breaks Foot    
Manchester City striker Alvaro Negredo has broken his foot and will be out of action for ...
Liverpool Close to Remy Signing    
Liverpool on Monday activated the release clause of Queens Park Rangers striker Loic Remy, agreeing to ...
Evra Joins Juventus    
Juventus on Monday confirmed that Patrice Evra has officially joined from Manchester United on a two-year ...
Prandelli: Balotelli's World 'Far Away from Reality'    
Cesare Prandelli has said he did not fall out with Mario Balotelli during the World Cup ...
German Defender Biermann Commits Suicide    
German defender Andreas Biermann has committed suicide following a long battle with depression. The 33-year-old former ...
Uruguay President: Suarez Needs a Psychiatrist    
Uruguay President Jose Mujica claims that Luis Suarez needs help from a psychiatrist rather than a ...
Gerrard Announces England Retirement    
England captain Steve Gerrard on Monday announced that he is retiring from international competition. Gerrard made ...
Six Shakhtar Players Defect as Fighting Continues in Donetsk     
Six players from Shakhtar Donetsk refused to return to Ukraine for the club's new season as ...
Michu Joins Napoli on Loan    
Swansea City on Friday announced that striker Michu has joined Napoli on a season-long loan deal ...
Report: Juve Signs Morata    
AS is reporting that lvaro Morata has effectively become a Juventus player. The Spanish daily says ...
>> Section 2 Around the Net Archives