14m for new tube link at Wembley

The prospect of the new Wembley stadium being given the go-ahead will get a £14million boost today.

Both Mayor of London Ken Livingstone and the Government have agreed an extra £7m each for the redevelopment of Wembley Park tube station.

Solving the transport problem around the stadium is crucial to getting the banks to finance the £715m deal and getting Brent Council to agree to planning consent later this month.

The Government has set the Football Association a 30 April deadline to have all these deals agreed or face having the Wembley plan scrapped once and for all.

It is expected later today that the Secretary of State for Transport Stephen Byers, will confirm the cash from Livingstone, who has been a consistent supporter of the national stadium plan, and the Government in a written answer to a Parliamentary private question.

The new cash is a significant move forward at a crucial time as the FA attempt to finalise contracts with two banks, Barclays and HSBC, over a £400million loan.

Meanwhile, Wembley plc has sold Keith Prowse, its corporate hospitality business, for £5.55m to its management team.

The track-based gaming company is separate from Wembley National Stadium Ltd, which is redeveloping the stadium, will receive £5m immediately, with the balance deferred for two years.

At the time of the disposal, the net assets of Keith Prowse amounted to about £1.1m.

It said it will use the proceeds to fund the ongoing development of its track-based gaming activities in the UK and US, and, where appropriate, to continue its share buyback programme.