Wembley project a well managed risk
Providing additional public funding to the Wembley stadium project is an example of well managed risk taking, says the National Audit Office, in its report on the development.
The public sector is contributing £161m to the £757m expected cost of the project. But the main funder of the project, Westdeutsche Landesbank, will get first call on the project’s assets should it get into serious financial difficulty.
Yesterday Michael Cunnah, chief executive of Wembley National Stadium Limited, announced that £50m worth of income from boxes and reserved seats has been secured since they went on sale in mid-May.