Fulham FC owner Shahid Khan poised to complete £800m deal for Wembley Stadium
Fulham’s billionaire American owner Shahid Khan is understood to be ready to complete an audacious purchase of Wembley Stadium without delay if English football chiefs accept a deal valued at £800m.
The Football Association (FA) is weighing up the offer, which was presented to the governing body’s board on Thursday and comprises a sum up front plus the proceeds of future hospitality operations.
Sources close to Khan, who also owns NFL franchise the Jacksonville Jaguars, said his upfront bid was closer to £600m than the reported £500m and would come solely from his estimated £5bn fortune.
Read more: Jacksonville Jaguars: “We view ourselves as London’s team”
The FA is believed to feel the future hospitality revenue element, worth £30m-£40m a year, will make the offer worth close to the £800m that it spent on rebuilding the stadium. Khan sources said they did not recognise that figure.
Khan emphasised that the deal was not a foregone conclusion but talked confidently about his plans for the national stadium.
“Wembley will be home to England’s national teams and, under our stewardship, continue to be a destination for top global football matches and championships, as well as major events such as NFL football games and concerts,” he said.
“We will take excellent care of Wembley Stadium in every respect, and at all times be good citizens and neighbors here in London and beyond.
“I am grateful for all of my experiences and investments in London, and am privileged to have this opportunity with the FA to forge an agreement that I am certain will be a victory for everyone.”
Wembley was reopened in 2007 after an £800m rebuild (Source: Getty)
A spokesperson for the Football Association said: “We can confirm that The FA has received an offer to buy Wembley Stadium.”
Khan’s links to Wembley and the FA are long-standing, having agreed a deal for his NFL team to play at Wembley once a year since 2013 and running until 2020.
A bid for Wembley will be seen as a step towards the Jaguars making London their permanent home and becoming the first NFL franchise to make a long-term move overseas.
That unprecedented move would need league-wide backing and Khan’s camp stress that it is not on the cards. However they have previously indicated that they would be open to the idea.
“If my ownership interests were to include Wembley Stadium, it would enhance the Jaguars’ position in London,” Khan added.
NFL executive vice-president Mark Waller said: “We are very happy for Shad Khan and the Jacksonville Jaguars. The potential purchase of Wembley Stadium is a further powerful sign of their commitment to the UK and their vision to help us grow the sport.
The Pakistan-born car parts tycoon said buying Wembley would not affect his commitment to Fulham nor mean moving them from Craven Cottage. The second-tier club, which he bought from Mohamed Al Fayed in 2013, are close to being promoted back to the Premier League.
The FA still owes around £140m on the Wembley revamp, while Sport England, the Department for Culture, Media and Sport, and the Greater London Authority could all be due a cut of the sale, having contributed to the stadium’s redevelopment.
The FA is believed to be considering using the proceeds of any sale to fund investment in grassroots football.