Billionaires are not known for their soft centres so it comes as some surprise that Shadid Khan, a man estimated to be the 158th richest on earth who made his fortune flogging car bumpers around the world, should withdraw his offer to buy Wembley over the sensibilities of a few doubting suits in the shires.
You can almost hear the ghosts of capitalists past screaming “grow a pair” man. Taking him at his word, the owner of Fulham Football Club and NFL franchise the Jacksonville Jaguars chose to get picky ahead of a vote by FA councilors that might still have approved the £600m sale despite talk of divisions.
Maybe that was it. Maybe he doesn’t give a stuff at all about the reservations of members in Gloucester and Devon. Maybe he thinks he can get the stadium for less down the road. After all, has he not said that he would consider returning to the table should the splits in the FA voting college heal?
Cynical
Of course, this is only one, cynical interpretation and not at all how Khan presents the retreat. I offer this clip from his overly worthy explanation. This might best be read to the accompaniment of violins. “The intent of my efforts was, and is, to do right by everyone in a manner that strengthens the English game and brings people together, not divides them,” Khan said.
“Unfortunately, given where we are today, I’ve concluded that the outcome of a vote next week would be far from sufficient in expressing the broad support favoured by the FA Chairman to sell Wembley Stadium. ‘Until a time when it is evident there is an unmistakable directive from the FA to explore and close a sale, I am respectfully withdrawing my offer to purchase Wembley Stadium.”
The development is a blow to those who viewed the sale as a welcome source of grass roots investment. It is hard to see why any would object. Those who argued against the sale on the grounds that it would represent a betrayal either overlooked or forgot that until 1999, the stadium was always in private hands.
Poor business
Those who believe it made poor business sense to sell have more of a point, but not necessarily a compelling one. The need to nourish the game’s nether regions is as urgent as ever with an estimated third of junior pitches not fit for purpose. And there isn’t exactly a queue of willing bidders in Brent waving cheque’s the size of Khan’s.
According to the Football Foundation, who supported the move, a once in a lifetime opportunity has been lost since the amount generated from the sale “could have been turned into an additional £1.2 billion through working with local authorities, local education authorities and other organisations.”
So it’s as you were in planet football. The FA is left to reflect on what might have been while Khan ponders how to burn a hole in a fortune reportedly nudging $9bn. A bid for Mancghester United, perhaps?
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