Wembley in Financing Deal with Barclays and Lloyds TSB
Wembley National Stadium Limited (WNSL) has reached an agreement with Barclays and Lloyds TSB Corporate in which each have agreed to finance part of the senior debt relating to the re-development of Wembley Stadium. The transactions will be used to purchase a portion of the debt currently held by the three lead banks in the finance syndicate, WestLB, Lehman Brothers and SG Corporate & Investment Banking (SGCIB). The transactions do not represent any increase in the overall funding of the project.
Peter Harvey, Managing Director of Barclays Larger Business Banking said: 'The finances of The FA have been successfully stabilised and we are delighted to have agreed commercial terms for Wembley. Taking a share of this project builds on our 100-year relationship with The FA Group. Barclays association with football spans many areas including our new sponsorship of the Barclays Premiership.'
Jeremy Barker, Director, Infrastructure Capital at Lloyds TSB Corporate said: 'Our involvement in the funding is the culmination of a lot of hard work behind the scenes and reflects our confidence in the parties involved in the project. It is my belief that the new National Stadium will not only enhance the world-renowned Wembley Stadium brand but also become a landmark in its own right. Naturally we are delighted to be involved.'
The management team at WNSL is committed to the successful delivery of the project on time and on budget. Both the stadium building itself and the Club Wembley box and premium seat sales are well on track and in June this year, WNSL announced record sales of Club Wembley seat licences, worth more than £20 million in one month.
Mark Palios, The FA chief executive, said: 'When I arrived at The FA it was clear that we had to rebuild the financial credibility of The FA before we could move forward. I believe that we have achieved that I am very pleased that Barclays and Lloyds TSB Corporate have joined our original partners with this investment and this is a significant vote of confidence from the City. Wembley is on schedule to be completed in early 2006 and not only will it dominate the football landscape but the magnificent Arch is also fast becoming a feature of the London skyline.'
Michael Cunnah, Chief Executive of Wembley National Stadium Limited, said: 'Wembley will play host to many of the biggest events in sport and music. By combining the Wembley Stadium brand with a state-of-the-art venue and customer-led design principles, we have created a compelling business model.
Nick Barron, Communications Manager Tel: 020 7745 4717 / 07970 237 091
Peter Harvey, Managing Director of Barclays Larger Business Banking said: 'The finances of The FA have been successfully stabilised and we are delighted to have agreed commercial terms for Wembley. Taking a share of this project builds on our 100-year relationship with The FA Group. Barclays association with football spans many areas including our new sponsorship of the Barclays Premiership.'
Jeremy Barker, Director, Infrastructure Capital at Lloyds TSB Corporate said: 'Our involvement in the funding is the culmination of a lot of hard work behind the scenes and reflects our confidence in the parties involved in the project. It is my belief that the new National Stadium will not only enhance the world-renowned Wembley Stadium brand but also become a landmark in its own right. Naturally we are delighted to be involved.'
The management team at WNSL is committed to the successful delivery of the project on time and on budget. Both the stadium building itself and the Club Wembley box and premium seat sales are well on track and in June this year, WNSL announced record sales of Club Wembley seat licences, worth more than £20 million in one month.
Mark Palios, The FA chief executive, said: 'When I arrived at The FA it was clear that we had to rebuild the financial credibility of The FA before we could move forward. I believe that we have achieved that I am very pleased that Barclays and Lloyds TSB Corporate have joined our original partners with this investment and this is a significant vote of confidence from the City. Wembley is on schedule to be completed in early 2006 and not only will it dominate the football landscape but the magnificent Arch is also fast becoming a feature of the London skyline.'
Michael Cunnah, Chief Executive of Wembley National Stadium Limited, said: 'Wembley will play host to many of the biggest events in sport and music. By combining the Wembley Stadium brand with a state-of-the-art venue and customer-led design principles, we have created a compelling business model.
Nick Barron, Communications Manager Tel: 020 7745 4717 / 07970 237 091