Wembley sale is World Cup tonic.
WEMBLEY Stadium will be sold to the English National Stadium Trust for pounds 103million - boosting England's World Cup bid for 2006.The ENST is backed by the Sports Council and the FA and supported by pounds 120m of National Lottery money.
The sale by Wembley plc follows months of speculation about the future of Britain's most famous sporting venue - in which ENST found itself battling it out with Arsenal for ownership of the site.
In the end, Wembley was left with little choice but to accept the ENST offer.
The English Sports Council gave Wembley until last Friday to agree in principle to a sale or lose out on its offer of pounds 120m of Lottery money.
The ENST plans to spend a further pounds 140m renovating the stadium as England make their case for the 2006 World Cup.
Claes Hultman, chairman of Wembley plc, said: "We are delighted to have reached an agreement which will enable a new national stadium to be built at Wembley."
Barring objections from Wembley's shareholders, contracts will be exchanged in June and the sale completed in 1999.
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| Title Annotation: | Sport |
|---|---|
| Author: | Rogers, Steve |
| Publication: | The Mirror (London, England) |
| Date: | Apr 3, 1998 |
| Words: | 183 |
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