The FA might sell Wembley to Fulham owner Shahid Khan
Wembley Stadium, one of the most elite football grounds in the world, might be sold to Fulham owner and Pakistani-American businessman, Shahid Khan. Reportedly, the FA is in talks with its stakeholders regarding the sale and the stadium has been valued at £600 million. However, a buy-back clause might also be added in the deal. Further details follow.
What do we know about Shahid Khan?
Shahid Khan is the owner of Flex-N-Gate, a company which he bought from his former employer. It manufactures automobile parts. Besides the Premier League side Fulham, Khan also owns the NFL team Jacksonville Jaguars. Khan bought Jaguars in 2012 and Fulham in 2013. Forbes magazine featured Khan on its 2012 cover, and his net worth is around $7 billion.
Why is the FA selling Wembley?
Khan wants to buy Wembley to promote the presence of Jaguars in London, and, this comes, "at a time when other NFL teams are understandably becoming more interested in this great city". According to the FA, this sale will boost its financial ability to promote football at the grassroots level. It added this is the chance to change the face of football in England.
What are the terms of the buy-back clause?
The FA will be presenting the deal to its 10-member board, which will decide if it wants to go forward with the proposal or not. The buy-back clause is that if Khan fails to maintain the status of Wembley, FA will have the right to purchase the stadium for £100 million. The clause will be triggered if UEFA downgrades Wembley as a host venue.
