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BRENT CONDITIONS COULD THREATEN WEMBLEY STADIUM REDEVELOPMENT

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Chase Manhattan, the bank leading the£475m plan to rebuid Wembley Stadium, has said that conditions imposed by Bre...
Chase Manhattan, the bank leading the£475m plan to rebuid Wembley Stadium, has said that conditions imposed by Brent LBC would not grant it enough security in the event of a bankruptcy of the company building the stadium.

The Financial Times (p3) reports that the lead arranger for the banks that will fund the£350m private sector loan to build the stadium, requires the security of being allowed to install a home team to play at the stadium in the event of a bankruptcy of Wembley National Stadium.

In its reports recommending planning permission for the project, Brent initally limits the number of events the stadium would be allowed to hold to 37 - 22 sporting events and 15 non-sporting - not enough to accommodate the needs of a top-flight football side or Wembley as a concert venue.

Michael Constant, for Chase Manhattan, said: 'As it stands, the conditions being proposed preclude the banks from moving forward in funding the project.'

Brent's cap on the number of event is based on the number of matches and concerts currently held at the existing stadium. The council wants to see improvements to local transport infrastructure completed - refurbishment of Wembley Park Underground station and improvements to road access - before it increases the number of events it will allow the planned stadium to host.
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