Wembley Stadium owner posts loss

Wembley_arch032_2 Wembley National Stadium Limited (WNSL) has posted an operating loss before interest and tax of £21.2m for 2007 – the first year the new stadium was open for business.

But as it opened in March, WNSL said the results covered only nine months of trading, and it expects to make an operating profit in 2008. WNSL also said it was generating sufficient cash flow to make all interest and loan repayments on time.

It added it had repaid the banks £80m of its £426.4m debt, and would repay the rest by September 2018 "despite increasingly difficult market conditions".

Wembley Stadium’s revenue for its nine-month trading period in 2007 was £65.5m, principally from its season ticket holders, ticket sales, sponsorship and catering.

The costs associated with this income were £34.2m, which the company said were "understandably high" for its first months of trade.

The company also spent £21m on staff, security and contracts to maintain and manage the building and £10.1m on the final stages of its construction

From the BBC.

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