Wembley reported losses of GBP 31 million

Wembley, England's National Stadium, published its figures showing a pre-tax loss of GBP 31 million for 2008, which could lead to default on debt agreements.

This weekend’s publication showed a GBO 26.6 in interest payments due and GBP 10.9 million in bank fees, making the total loss GBP 23 million after taxes. This figure is up from a loss of GBP 36 million in 2007.

The stadium cost GBP 757 million, leaving the company to report losses for at least five years after completion due to delays and related expenses during construction.

The remaining debt of GBP 320 million was refinanced with a new interest rate of 6.9% and repayment was extended from 2018 to 2023.

If current season tickets are not renewed, Wembley will be in danger of defaulting on payments. The 4,5000 private Club Wembley license holders who pay for premium seats and boxes must renew, otherwise the company will fall short. This accounts for more than half of the annual income of GBP 90 million.

Corporate boxes are available starting as GBP 79,350 per year, premium seats start at GBP 950 per year.
 
Wembley will host the Under-21 EURO 2011 qualifying match against Portgual later this month.