Shahid Khan, the American billionaire who made his fortune designing a one-piece bumper for trucks, is expected to buy London’s Wembley Stadium for $790 million, after the English Football Association board approved the sale.
Khan, who also owns the NFL team Jacksonville Jaguars and English Premier League team, Fulham F.C., has been in talks to make the purchase since April. As part of the sale, he must keep the famous stadium’s name, and not offer it up to a sponsor, and England and FA Cup football matches must continue to be played there, according to The Guardian.
With the latest approval, the sale must now be signed off by the UK government and Sport England, which put forward $156 million to rebuilding the stadium.
Last year, the Florida-based billionaire invested a $3 million in a historic Jacksonville building, the Barnett National Bank, an 18-story vacant office building. [Guardian]—David Jeans