PracticeConsultingDeloittes questions Wembley figures

Deloittes questions Wembley figures

Wembley Stadium adviser JP Morgan Chase this week remained confident the troubled project could be a success, despite a report by Deloitte & Touche, which questioned its profit projections.

The firm was commissioned to carry out the report by JP Morgan with the aim of looking into the new stadium’s commercial viability and the amount of money it would turnover after erection.

Similar profit concerns were concluded when the firm carried out a report on the Millennium Dome. But it is thought the conclusions did suggest the stadium’s profits would comfortably meet the cost of loan repayments.

An official statement released by JP Morgan said the stadium should be able to ultimately attract the necessary levels of financing.

It said: ‘A number of bank investors familiar with the transaction have continued to express strong interest in the financing and have remained in dialogue with JP Morgan.

As a result, we remain confident an acceptable financing plan is feasible in accordance with the negotiations that are ongoing in good faith, and the co-operation of all the parties involved.’

Deloittes was unable to comment on its report.

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