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 Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...