Sport England was criticised for handing over £120m of public funding (through the National Lottery) with no guarantee that the Football Association would guarantee or underwrite the grant if the project collapsed.
The committee found that best procurement practice had not been followed on what is a ‘high profile project with significant public sector financial support’.
The old Wembley Stadium should have been left standing to host events that could have financed repayment of the grant and until the full financing package for the project had been secured, MPs said.
Deciding to keep an athletics track within the design of the project was found to be merely a ‘device’ to keep £20m in the project that the Football Association would otherwise been happy to repay.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements