黑洞社区

The Football Association has had to bail out Wembley National Stadium Ltd (WNSL) with a 拢25尘 rescue package, according to results released this week that show it made a loss of nearly 拢5m in 2005.

The accounts, posted at Companies House, indicate that the FA, the parent company of WNSL, intervened this year as delays over completing the ground reached crisis point.

They also show that WNSL reported a loss of 拢4.7尘 for the year ended 31 December 2005, almost all because of delays to the completion of the stadium, now nearly a year behind schedule.

Last month it also agreed to pay contractor Multiplex 拢36m in an out-of-court settlement.

At the end of 2005 WNSL鈥檚 debts included a 拢316m loan from its banks and 拢141m from the FA.

According to the accounts WNSL鈥檚 original loan agreement with the banks was obtained on the condition that the stadium was finished by 30 September this year. When it became clear that WNSL would fail to hit this deadline WNSL was forced to renegotiate the deal and accept the 拢25尘 financial support package from the FA.

The documents also reveal that the FA has an annual support agreement in place to assist WNSL financially once the stadium becomes operational. This is expected to amount to 拢23m for the first year after completion, and 拢13m a year thereafter, until certain conditions on the stadium鈥檚 profitability are met.

The loan from the FA is all repayable after five years, but the WNSL is entitled to retain a minimum of 拢100m for 50 years after the date of practical completion, unless the Department for Culture, Media and Sport overrides the agreement.

The accounts also reveal that despite the losses, WNSL鈥檚 highest paid director, understood to be chief executive Michael Cunnah, received a salary of 拢325,000, rising to 拢398,000 with benefits and pensions. WNSL鈥檚 10 directors, including chairman Mike Jeffries, received 拢736,000 over the year. WNSL鈥檚 wage bill, excluding directors, ran to more than 拢3m.

In a directors鈥� report accompanying the accounts Roger Maslin, the finance director of WNSL, said the company鈥檚 financial position had been eroded by delays.

He said: 鈥淎lthough considerable progress has been made with the construction of the stadium during the period under review, the project has been delayed by the contractor鈥檚 lack of progress with the steelworks and by the work required to repair the drains.鈥�

Maslin added that it was likely to take about three months from the date of practical completion for WNSL to obtain the operators licences required to open the stadium to the public. He said: 鈥淭he directors are committed to delivering a quality stadium as soon as possible.鈥� WNSL declined to comment further.

The results paint a bleak picture for WNSL, but the situation may have been worse without last month鈥檚 拢36m settlement with Multiplex. The deal, which was brokered with the assistance of government troubleshooter Lord Carter, falls far short of the 拢320m Multiplex was rumoured to be seeking from WNSL, and avoided a 拢150m court battle between the parties.