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26th Apr 2018

NFL billionaire in talks to buy Wembley Stadium in deal worth over £600 million

Shahid Khan owns both the Jacksonville Jaguars and Fulham FC

Kyle Picknell

Shahid Khan has a net worth of over £6 billion and is currently the 158th wealthiest person in the world.

The Pakistani-American business tycoon and entrepreneur Shahid Khan has officially made an offer for Wembley Stadium worth over £600 million, the FA have today confirmed.

The car-parts billionaire has reportedly struck up an agreement with FA boss Martin Glenn to purchase the stadium, which would be the very first time the spiritual “home of football” has come under foreign ownership. The proposal was put before the full board of the FA today.

A sale is rumoured to mean that fewer England internationals will be played at the iconic stadium, as there is potential for NFL fixtures being played there in August. It will continue to serve as the official home ground for all of England’s fixtures, however.

It is believed that the funds from the sale will be invested into the upgrading of grass-roots facilities across the country, resulting in over 1500 all-weather pitches being built.

Khan is the owner of NFL franchise Jacksonville Jaguars, who he acquired a 100% share in for around $760 million (£544 million) in 2012. He also purchased Fulham FC, then a Premier League side, a year later in a deal presumed to cost the businessman between 150 and 200 million pounds.

The new Wembley Stadium opened in 2007 after a construction process which lasted four years in total. It cost £798 million to build at the time (around £1.09 billion in today’s terms) and seats 90,000 people. It is also currently serving as the temporary home for Tottenham Hotspur whilst their traditional ground, White Hart Lane, is being demolished and a new stadium being built.

Khan was born in Lahore, Pakistan, but moved to America when he was 16 and begin studying industrial engineering. He made his fortune by purchasing small automative parts manufacturer Flex-N-Gate – a former employer of his – and gradually turning them into a multi-billion dollar operation.

He has reassured Fulham fans in a handwritten statement on the club’s website that his venture is “100 per cent independent of my investment in and operation of Fulham Football Club, Motspur Park and Craven Cottage.”