FA considers bond issue to refinance Wembley debt as loan is too expensive

The Football Association is believed to be considering a bond issue, in an effort to refinance the debt that was taken on to build Wembley, which has been a drag on the organisation's finances since 2002. According to Bloomberg, the FA is considering the bond issue because the current loan, which was taken out as part of a refinancing round in 2008 and which is due to run until 2023, is too expensive. The FA's most recent accounts show that it made payments totalling more than £30m to its Wembley National Stadium Limited subsidiary in 2009. It expects to subsidise the £757m stadium to the tune of £20m a year in 2010 and 2011 and also extended a £31.5m bridging loan to WNSL as part of the 2008 refinancing. That replaced the original loan, borrowing £341.5m from six banks at a fixed interest rate of 6.92%.