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As featured on NewsNow: Football news

Wembley records pre-tax loss but on track for profit within five years

Wembley's owner, Wembley National Stadium Limited (WNSL), announced a pre-tax loss of £31 million last year, caused by interest payments and bank fees from financing the new stadium. The new stadium, which opened in 2007 after eight years of building, cost £757 million in total. After tax and interest the loss was £23 million.

WNSL however said it is on course to record a profit within five years, having made an operating profit of £5.9 million.

During the year, management refinanced the business, cut its interest rate from 7.8 per cent to 6.9 per cent and extended the repayment deadline from 2018 to 2023.

"I believe that 2008 will be seen as a watershed year in our history as the stadium reclaimed its place on the world circuit," said WNSL chairman David Bernstein. "I am sure 2009 will underline the status of Wembley as one of the world's premier venues, catering to all ages and tastes."

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