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
FIFA: Qatar Needs Labor Reform to Keep 2022 World Cup    
FIFA executive committee member Theo Zwanziger on Tuesday indicated that 2022 World Cup host Qatar must ...
CWC: Auckland City the 'Winner,' but San Lorenzo Progresses     
Real Madrid's will face San Lorenzo of Argentina in Saturday's Club World Cup final after the ...
Di Maria Beats Messi, Aguero to Argentina's Player of the Year    
Manchester United winger Angel Di Maria has beaten Lionel Messi and Sergio Aguero to Argentina's player ...
League Cup: Rodgers Defends Sterling as Reds March On     
Following Liverpool's 3-1 League Cup quarterfinal win at Bournemouth, Coach Brendan Rodgers defended two-goal hero Raheem ...
League Cup: Pocchettino Hails 'Fantastic' Spurs     
Tottenham will play Sheffield United in the League Cup semifinal after thrashing Newcastle United 4-0 at ...
Klopp Hints at Dortmund Departure    
Borussia Dortmund coach Jurgen Klopp hinted that he could soon depart the BVB by saying he ...
Platini: Garcia Resignation a 'New Failure' for FIFA    
Michael Garcia, the man FIFA hired to investigate the bidding process for the 2018 and 2022 ...
Xavi: I Want to be Like Pep     
In an interview with Spanish paper El Pais, Barcelona midfielder Xavi reveals that he wants to ...
Report: Odegaard to Sign for Bayern Munich    
Norwegian wonderkid Martin Odegaard turned 16 on Wednesday, and reports in Germany claim that the Stromsgodset ...
Report: Falcao Wants to Stay, United Unsure    
In an interview with the Guardian, Radamel Falcao says he wants to stay at Manchester United, ...
>> Section 2 Around the Net Archives