In the half year the value of Wembley was written down by £131m to £532m. Overall, Quintain suffered a 28% fall in net asset value.
The valuation falls increased their gearing from 60% to 90% in the six months, reports Property Week. This compares with its banking covenant of 110%, which implies headroom in terms of £127m.
According to chairman John Plender, the company is looking at a range of debt-reduction activities, including disposals.