The English Football Association has vowed to pay off the debts surrounding the redevelopment of London’s Wembley Stadium by the end of 2024.

The FA said it has the opportunity to clear the £142m (€160m/$192m) debt “completely” by the end of 2024.

The ‘new’ Wembley opened in 2007 and replaced the previous stadium, which was last used in 2000. The new ground was built at a cost of £757m.

The FA noted that, despite being re-financed at favourable rates two years ago, it now has the chance to clear the entire debt by the end of 2024.

The FA said this would represent a “prudent investment that will have a long-term benefit to the financial sustainability of the group, saving annual interest payments of between £2m-£3m a year to be re-invested back into the game.”

The FA agreed a deal to refinance the debt in October 2015. The move proved favourable for the organisation, which was able to make a profit from Wembley for the first time since it opened. The FA reportedly saved at least £12m a year through the new deal.

Wembley hosts England home matches, along with domestic cup finals. It is also currently serving as the home of Tottenham Hotspur while the Premier League club’s new stadium is being built.

Image: Jbmg40