Wembley records £21.4M loss May 15 2008
Wembley have reported an operating loss of £21.4million for their first year in operation and there was also a further deficit of £14.7million paid in interest on the £346million loan owed on the stadium.
Wembley chiefs insist, however, the stadium will soon be delivering a profit for the FA and will report an operating profit for this current year.
They point out the revenue in 2007 was £65.5million but represented only nine months of trading income as the stadium did not come on stream until March.
Start-up costs of £34.2million "were understandably high for the first few months as the business familiarised itself with the new building and ensured that the service and safety of 1.8million visitors was the highest priority", Wembley said in a statement.
The loss also included depreciation costs of £21.6million.
"During the year, Wembley Stadium recorded £10.1million of costs related to the final stages of managing the construction. These will not recur and represent the end of this phase of the stadium's development," the statement added.
Wembley managing director Alex Horne, said: "It was never envisaged that the stadium would record a profit in the first few years of operation.
"The team at Wembley has achieved a great deal in its first operating year and I am confident that going forward our proven ability to deliver world-class events and capitalise on revenue streams, combined with efficiencies which we continue to drive event by event, will quickly make a positive impact on the bottom line."