It takes some doing to sell a piece of London property for less than it cost you 10 years ago, a decade in which house prices in the capital have risen, according to the Office of National Statistics, by an average of 100%. Yet this magic trick is what the Football Association seems to be on the brink of pulling off, in selling a home that cost more than £800m to the Pakistani‑American billionaire Shahid Khan for around three-quarters of that sum.
No wonder Ken Bates was apoplectic. “You never sell your freehold – it’s your home,” the former Chelsea chairman exclaimed on being told of the deal to sell Wembley. To find oneself on the same side as Bates is a remarkable side-effect of the FA’s sudden announcement. And on that of Sir Dave Richards, the former chairman of the Premier League and, like Bates, once a prominent member of the FA board. But their point is a powerful one, as those millennials waiting for their parents to die in order to be able to own a house will confirm.
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