England's Football Association urgently need to refinance their Wembley debt after the new national stadium made a reported loss of £22million in its first year of operation.

The rebuilt stadium had been expected to provide a steady income stream for the FA so the size of the loss, reported by the Daily Telegraph, is somewhat embarrassing for English football's governing body.

The chairman of the FA, Lord Triesman, yesterday outlined to the FA board his strategy for refinancing the £433million loan that was taken out to demolish the old structure and build the new stadium at a cost of £800million.

Negotiations with the banks are now expected to start with some urgency.

Despite the loss, the FA are determined to proceed with a bid for the 2018 World Cup that will cost an estimated £15million.

An FA statement said: "The board approved the setting up of a 100%-owned subsidiary company within the FA to manage the bid.

"This would be governed by an executive board made up of a bid chairman, a bid chief executive, the FA chairman Lord Triesman and two deputy chairmen.

"The report recommends an approach focusing on the benefits that a World Cup in England would bring to the development of football around the world, and commits England to producing a World Cup legacy which enriches the opportunities for football to flourish in all parts of the world."