Football chiefs to decide on Wembley's future
Saturday 19 October 1996
A decision by the footballing authorities, the Premier League and Football Association, is expected to be delivered to the Sports Council on Monday or Tuesday detailing their preferred location. Wembley faces a challenge from Manchester City Council, which wants to move the stadium to the North, but it is thought increasingly unlikely to pose a serious threat.
The Sports Council has until the end of the year to make up its mind, although it is understood that it will probably ratify whatever decision "football" recommends. Once it has decided on the site, detailed costings will be drawn up during the first half of next year before a formal application is made to the Sports Lottery Board for a grant. About two thirds of the cost of building the new stadium, estimated at between pounds 130m and pounds 170m, is expected to come from Lottery funds.
One of the factors acting in Wembley's favour is likely to be its dramatic recent return to financial health. After a successful Euro 96 football tournament, the company, which also owns greyhound tracks in America, reversed a pounds 5.5m pre-tax loss into a pounds 7.7m profit in the six months to June. The Wembley complex itself reported more than doubled operating profits of pounds 7.9m during the period.
Wembley said yesterday that, with a decision from the Sports Council not expected before the end of the year, it was too early to assess the financial implications of winning the stadium bid. Analysts have become increasingly enthusiastic about the company's prospects, however, with one broker putting a value of 520p on the shares.
If Wembley gets the nod, it will have the opportunity to put in place an ambitious scheme to transform the stadium, including rotating the ground through 90 degrees to solve problems for television coverage in bright, early evening sun, and the use of the stadium's twin towers to create a grandiose entrance.
Designed by Sir Norman Foster, the radical plans also include a retractable roof and giant video screens to relayevents inside to crowds outside.
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 2 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
- 5 We have six months to save the world, says leading economist
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...