The FA announces new refinancing agreement

Monday 12 Oct 2015
Wembley Stadium connnected by EE
The FA is pleased to announce that it has put in place a new £300m loan facility provided by Barclays, HSBC and Santander.

The new loan, which will be a corporate facility for The FA, will provide increased flexibility for the FA Group as well as result in significant annual interest savings. The loan will replace the previous facility which was in place for the construction of Wembley Stadium.

These factors will increasingly allow The FA to channel investments into grassroots football, in line with its new objectives to increase the number of artificial football pitches in England, the quality of coaching and coach education and the ongoing development of England teams at the highest level.

FA CEO Martin Glenn said: “This is an important step in our move towards a more focussed, sustainable FA that maximises its investments into football, especially at the lower levels of the game where our support is critical.

“The support of our lenders will allow us to free up more vital and significant funds at a time where we are able to capitalise on lower interest rates.”

Andrew Crean, group chief financial officer, said: “We are delighted to have completed this new financing which will simplify The FA’s funding arrangements and reduce the cost of finance going forward.

“Both of which will assist in meeting our objective of supporting community investments. We are very pleased to be continuing our relationship with Barclays and also being able to work alongside HSBC and Santander going forward.”

The FA was advised on the refinancing by Rothschild and Allen & Overy.

By FA Staff