Wembley: ‘most due diligent project ever’

The full interview with Michael Cunnah will appear online tomorrow and in the latest issue of Accountancy Age also out tomorrow

Link: Wembley project a well managed risk

In an exclusive interview with Accountancy Age Cunnah played down the controversies that have surrounded the project since its inception after recent Problems at Wembley’s main financier, German bank WestLB, returned the spotlight with a gusto.

‘Everyone that went into the project did so with their eyes open,’ said Cunnah. ‘There is no one that didn’t know our end of everything about it. It was the most due diligent project in the history of the world.’

Roger Maslin, finance director of Wembley National Stadium, said the deal was structured in such a way to make sure everyone was comfortable with the way the project was put together. ‘There was a very clear allocation of risk to the appropriate parties,’ he said.

He went on to say that the problems at WestLB and the banker who sorted the deal, Robin Saunders, would not affect the funding of the project.

‘At the end of last year, Robin Saunders and her team created a new part of the bank so our loan has nothing to do with the asset portfolio that Saunders has taken,’ said Maslin. ‘We are not really associated with that part of the bank at all.’

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