The grandiose plans for Jaguars owner Shad Khan to not only buy one of Europe’s iconic sports venues, but potentially bring North America’s biggest game/event, the Superbowl, to London, has a problem, currently.
He may not be allowed to do so.
And it’s not a lack of money. It’s a condition in Wembley Stadium’s deal regarding selling it that is apparently standing in the way.
This, by the way, is why we wrote in our original story previously, that Khan had only bid to buy Wembley, home to the biggest events in England. And that bidding, and actually securing purchase, are two different things.
In a story they broke Thursday night London time and how now updated mid-morning in the U.K., the London Daily Mail reports,
“The FA are facing a major stumbling block in their plans to sell Wembley, as it has emerged they agreed to Government ‘protections’ which sought to prevent the sale of the stadium for the next 40 years.”
The Daily Mail goes on to write that, because over 161 million in British pounds of public money was used in the renovation and new construction on the stadium in the middle of the 2000’s, per the agreement, the stadium cannot be sold until 50 years after completion (2007) or 2057.
Khan released a statement last Thursday publicizing his bid saying that the purchase of Wembley, where his team has played a home game the last five years, and still has multi years to do go on a deal with the NFL. Interestingly, Khan characterized the bid as crucial “for the financial stability of the Jaguars.”
He also told the BBC Sunday that he would envision bringing a Superbowl to Wembley, if he could secure ownership. That’s seems to us to be a large leap.
The Daily Mail says that Khan is aware of the conditions in the sale, which is a virtual “given” in a mega millions deal like this. This is because, like the purchase of the Jaguars, Khan has a team of people and so too, does the FA, and the Wembley Stadium executives, who would have met and gone over all conditions, leases, terms, etc., repeatedly.
Will this keep him from being able to purchase the stadium? No one knows that for now.
And the American saying is “money talks.”
And, Khan has a net worth of over $5 Billion, right now.
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