Wembley Stadium, a subsidiary of The Football Association, today confirmed that it has successfully refinanced the loan that was taken out to fund the re-development of the national stadium.

The refinancing deal relates to the remaining loan of £341.5 million from the original £426.4 million financing package secured in September 2002. The latest arrangement secures a more favourable interest rate on the debt for the stadium and extends the term of the loan from 2018 to 2023. This will result in savings of approximately £3m per annum.

The arrangement of the refinancing was jointly led by the lead bank for the original financing package, West LB as well as Barclays Commercial Bank with support from The Royal Bank of Scotland, Lloyds TSB, Bank of Ireland and Banco Espírito Santo.

Alex Horne, The FA’s Chief Operating Officer, said: “The successful refinancing of the stadium’s loan in a difficult time for the financial markets, reflects the positive relationship Wembley Stadium has with its banking partners and the high level of confidence that the banks have in the venue delivering its business plan. The combination of cheaper debt and a longer repayment period provides increased financial flexibility for The FA Group.”

Roger Maslin, acting Managing Director of Wembley Stadium, said: “Having been open for 18 months, we have now hosted 50 major events, welcomed over 3.5 million visitors through the doors and re-established Wembley as a world-class sports and entertainment venue. Furthermore, since opening the team at Wembley have proven their ability to successfully operate the stadium; consistently delivering a diverse range of world-class events, driving down costs and capitalising on all revenue streams.”

Commenting on the deal Chris Lee, Head of Professional Sports Team at Barclays Commercial Bank said: “Barclays is delighted to be joint lead bank in the refinancing of Wembley Stadium – one of the most iconic stadiums in the world. Its unique nature and strong prospects for significant revenue from sports and entertainment events, have allowed us to work with The FA and Wembley to put together a package which is simpler, more cost effective for WNSL and with repayment spread over a longer period.”

Chris Heathcote, Global Head of Infrastructure WestLB, commented: "It gives us particular satisfaction, given WestLB's long relationship with Wembley Stadium, to have closed this deal in the teeth of the most challenging conditions we have ever seen in the credit markets. As agent bank we are proud to lead the new syndicate of banks that will support Wembley Stadium as it further consolidates its position as a world leading sports and entertainment venue.”