LONDON (CelebrityAccess MediaWire) — Wembley National Stadium Limited, the organization that operates the massive new Wembley Stadium, has reported a staggering first year loss of Â£20 million which works out to roughly $39 million dollars. The Association remains sanguine that the $1.5 billion dollar stadium will eventually generate large profits but have cautioned that it may not be any time soon.
According to the Times, the losses stem in part from heavy startup costs incurred during the first year of operation, including a high costs for security due to concerns that the stadium may become an attractive target for terrorists. Estimates have placed the cost of operating the stadium at 50% more earlier projections had anticipated.
As a response to these losses, the Football Association chairman Lord Triesman has outlined a plan that would see the a extending the duration of the $850 million loan that had been undertaken during construction of the stadium from 15 to 25 years. WNSL is also reported to in negotiatons with creditor banks WestLB and Barclays to refinance to a lower interest rate.
Perhaps surprisingly, Wembley isn't carrying a busy summer schedule for musical performances and the only show currently on the calendar is the Foo Fighters on June 6 & 7. – CelebrityAccess Staff Writers