FA confirm shock offer to buy Wembley

LONDON: The Football Association have received an offer to buy iconic Wembley stadium in a shock move that increases the chances of an NFL team taking up permanent residence in London.

Shahid Khan, who owns Championship club Fulham and the NFL’s Jacksonville Jaguars, is behind the £500 million ($698 million) bid to buy the national stadium.“We can confirm that the FA has received an offer to buy Wembley Stadium,” an FA statement read.

According to the Evening Standard, Khan has struck an outline agreement with FA boss Martin Glenn to transfer Wembley to foreign ownership for the first time. The stunning proposal, which would also see Khan allow the FA to keep lucrative debenture and hospitality revenue worth around £300 million, was put before the full board of the domestic game’s governing body on Thursday.

Wembley, which has a 90,000-capacity, was reopened in 2007 after the FA’s seven-year, £757 million rebuild of the home of English football.The flamboyant Khan is a Pakistan-born American billionaire, who made his fortune in the car parts business.“The games the Jaguars play at Wembley are essential to the financial stability of the Jaguars in Jacksonville, which is one of the smallest markets in the NFL,” Khan said.