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Billionaire pulls plug on £600M bid for Football Association's Wembley Stadium

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Billionaire pulls plug on £600M bid for Football Association's Wembley Stadium

Pakistani-American billionaire and owner of the Fulham Football Club, Shahid Khan, has withdrawn his £600 million bid to acquire Wembley Stadium from its The Football Association Ltd. owners, Property Week reported, citing the vendor's CEO, Martin Glenn.

Glenn revealed to the publication that Khan was led to believe that his bid to purchase the stadium was being viewed as more divisive by football stakeholders, and it did not capture firmer support as a result.

The parties first began talks in April, with Khan and the Football Association reportedly agreeing on transaction terms in September. But in order for the deal to proceed, the association's 10-member board had to unanimously agree to the sale, after which a 127-member council, including representatives from footballing bodies, would review the transaction.

The Oct. 17 report also cited Simon Jones, the national head of valuation at property consultancy Lambert Smith Hampton, as saying that the £600 million bid was too low for the asset and a price tag nearer to neighborhood of £1 billion was more fitting. Jones' price estimate took into consideration the stadium's size and suitability for team sport in relation to London's smaller Olympic Stadium.

Khan was advised on the deal by Centerview Partners, while the seller sought advice from Rothschild.