Pakistani-American billionaire inches closer to buy UK's Wembley Stadium

Pakistani-American billionaire Shahid Khan has inched closer in his bid to acquire the historic Wembley Stadium in London, UK for £600 million.

The development comes after Football Association (FA) board has approved in principle the sale of Wembley stadium for £600m to the Fulham and Jacksonville Jaguars owner.

“The sale of Wembley Stadium, the negotiated protections and an outlined plan to invest £600m into football community facilities, were presented and discussed at the FA board meeting today. Following on from this discussion, the FA board has agreed to take the presentation to the FA council to get its input now that the full facts are known,” said an FA spokesperson, The Telegraph reported.

Despite concerns in the grass-root game, the agreement will now be presented to the FA's wider council of footballing figures on Oct 11.

A statement from Shahid Khan read, “The news from today’s FA board meeting is welcomed and encouraging.  I understand the discussion was open and thorough. One cannot ask for more as we continue to work through the process with the FA Board, FA Council, Sport England, the Mayor of London’s office and DCMS toward reaching an agreement that will serve English football for generations to come”.

“Today’s development has no effect on my plans to renovate Craven Cottage and, as such, has no impact on Craven Cottage continuing to be the permanent home of Fulham Football Club,” he added.