PracticeAuditFinancial woes for Wembley Stadium

Financial woes for Wembley Stadium

Deloitte refuses to sign off Wembley Stadium's accounts

Deloitte has
refused to sign off the accounts of
Wembley
Stadium
 as far as its ability to continue as a going concern.

The stadium’s problems were described by the auditor in its report in early
October, The Guardian reported.

‘Material uncertainties [exist] which may cast significant doubt about
Wembley National Stadium Limited ‘s ability to continue as a going concern and,
therefore, it may be unable to realise its assets and discharge its liabilities
in the normal course of business,’ the report stated.

The Football Association has warned
shareholders that the risk will not be fully averted until after the 90
000-seater venue is fully operational.

If WNSL – already ?276m in debt – collapsed, creditors would be owed ?25m
‘financial support package’ from the FA, in addition to a ?23m ‘support
agreement’.

Further reading:

Overview: extra-time goal

How football got its finances wrong

Under construction

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