The Football Association (FA), the governing body of football in England, has agreed on a $789 million (£600 mn) deal for the sale of Wembley Stadium to Pakistan-born American billionaire Shahid Khan, the owner of Premier League club Fulham FC and National Football League (NFL) franchisee Jacksonville Jaguars.
The deal, however, is subject to the final vote by the ten-member FA board which will meet on Thursday to discuss the proposal, The Financial Times has reported. FA chairman Greg Clarke and chief executive Martin Glenn are believed to be seeking unanimous support from the committee.
Terms for sale of the national stadium have reportedly been agreed in the last few days between the FA and Khan, who first announced his interest in acquiring the venue before the summer’s FIFA World Cup in Russia.
The deal is expected to include a series of regulations, including a ban on any naming rights sponsorship of the iconic football stadium currently temporary abode of Tottenham Hotspur until at least October 2018.
Additionally, the FA will have the power to reject any sponsorship agreement with gambling companies and payday loan businesses, among those prohibited from being associated to the arena known as the home of the England national football team, and the FA Cup Final.
The governing body will also have the right to ‘step in’ if obligations such as maintaining the quality of the Wembley pitch are not adhered to. A buyback clause also exists that could come into effect if Khan were to be arrested or convicted of any criminal activity.
Khan, under the terms of the agreement, will also be prevented from using Wembley as a vehicle for piling with debt, with the FA also set to receive a share of any profits on any future sale of the 90,000 seater stadium.
The status of English football’s flagship events will not be affected by any sale, with the FA Cup Final, England home fixtures and other domestic matches traditionally held at the venue all remaining in place.
However, as part of the deal, Khan’s plans to bring his Jacksonville franchise to London will be encouraged, with the FA moving out of the venue during the autumn to accommodate the NFL proposals.
The report also states that partners who assisted in the regeneration of Wembley, which reopened in 2007, have agreed to the terms of the sale to Khan on the condition that money raised is used to promote the sport’s amateur and grassroots future.
If the terms of the agreement are accepted at Thursday’s meeting, the plan will be presented at a meeting of the governing body’s 127 members in October.
Khan had expressed his interest in a message placed on Fulham’s club website in April. “As you likely know, in addition to the privilege of serving as chairman of Fulham Football Club, I am also owner of the Jacksonville Jaguars of the National Football League in the US. The Jaguars have played regular season home games at Wembley Stadium in each of the past five NFL seasons and will continue to do so at least through the 2020 season,” Khan had stated.
“The games the Jaguars play at Wembley are essential to the financial stability of the Jaguars in Jacksonville, which is one of the smallest markets in the NFL. If my ownership interests were to include Wembley Stadium, it would protect the Jaguars’ position in London at a time when other NFL teams are understandably becoming more interested in this great city. And the stronger the Jaguars are in London, the more stable and promising the Jaguars’ future will be in Jacksonville.”
According to a report in April this year, Shahid Khan was tipped be the prospective buyer of the Wembley Stadium who agreed to a deal worth £800 million which includes £500m for the stadium and £300m for the FA to keep the Club Wembley debenture and hospitality business.
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