Wembley Stadium continues to be a drain on the Football Association’s revenues rather than a money spinner according to its latest accounts. Despite attracting two million visitors to 28 events last year, the stadium made a pre-tax loss of £12.1m. Although this was a reduction from £15.6m, the recession hit Club Wembley revenues, which fell from £65m to £60m. Club Wembley represented a fifth of total turnover of £304m.
Wembley Stadium continues to be a drain on the Football Association’s revenues rather than a money spinner according to its latest accounts. Despite attracting two million visitors to 28 events last year, the stadium made a pre-tax loss of £12.1m. Although this was a reduction from £15.6m, the recession hit Club Wembley revenues, which fell from £65m to £60m. Club Wembley represented a fifth of total turnover of £304m.
The FA noted there were ten fewer events staged than in 2009 and this was reflected in a fall in event income from £18m to £12m. However, the FA admitted that ‘attendances were affected by the England performance [in the World Cup] in Africa.’ This is estimated to have cost £11m in lost income.
The £305.8m loan on the stadium is incurring annual interest of £22m and while the FA repaid £19m during the year, group net debt went up from £228.1m to £256m.