Shad Khan Backs Out Of Deal To Buy Wembley Stadium

Annette Crawford
October 18, 2018

The Football Association have confirmed that Wembley Stadium will not be sold after Fulham and Jacksonville Jaguars owner Shahid Khan elected to withdraw his offer to buy the venue.

FA chiefs had pushed hard for the sale to be approved, saying the money could be used to improve grassroots facilities, but strong opposition among numerous 127 members of the FA Council, who were due to vote next Wednesday, effectively killed off the scheme.

FA chief executive Glenn said Khan had believed his offer "would be well received by all football stakeholders".

Upon putting up his bid for Wembley, Khan said acquiring the venue would be a big win for the Jags, who are the league's unofficial global team and play one game a year across the pond.

'The intent of my efforts was, and is, to do right by everyone in a manner that strengthens the English game and brings people together, not divides them.

Although it cost the FA and British government more than $1.4 billion (adjusted for inflation) to renovate and rebuild Wembley Stadium, the arena hosted 33 events between July 2016 and June 2017 and in its latest published financial records, the FA recorded an after-tax profit of $21 million.

"We fully respect his decision", said the FA.

"I can not rule out revisiting the opportunity at another time when perhaps the Football Association family is unified in its views on the opportunity", Khan added.

"It appears there is no definitive mandate to sell Wembley", Shahid Khan, a Pakistani-born billionaire and founder of Urbana, Ill. -based auto parts supplier Flex-N-Gate, said in a statement Wednesday.

While the FA called the offer "unsolicited", the governing body's leadership was happy at the prospect of receiving a windfall to spend on improving community football facilities while still being able to use Wembley for key England national team matches and domestic cup finals. What is certain is seeing a proposal of this magnitude come to fruition would necessitate an extraordinary partnership, one capable of doing remarkable things for all of our respective constituents well into the future.

Glenn, who has lobbied hard for the deal, added that the "iconic venue.will continue to thrive under the ownership and direction of the FA" and noted that the debate sparked by Khan's offer has "raised awareness" of the need to upgrade England's community facilities.

"I recognise the passion many people have for Wembley and what it means to English football, and will be willing to re-engage with the FA on this matter under proper circumstances".

Other reports by Iphone Fresh

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