MASSIVE LOSS FOR WEMBLEY

By Alistair Grant, 31/10/2009

WEMBLEY has suffered another huge pre-tax loss of £31.1million - and is not expected to break even until 2014.

This massive 2008 debt followed a £53.3m pre-tax loss in 2007.

The 90,000-capacity ground, rebuilt for £800m and reopened in 2007, made a pre-tax operational profit of £5.9m in 2008.

But Wembley had to pay out £26.2m in interest on bank loans of £300m.

Another £10.8m in "signing fees" was written off, adding up to a £31.1m loss - £23m after tax.

A statement admitted it could be five years before the new Wembley breaks even.

But stadium chiefs anticipate increased revenue this year, with 2.5m people since March watching England, the FA Cup Final and concerts by Bono and U2, Take That, Oasis and Coldplay.

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