Fax, 2 March 2001, from the Football Association
to Sport England
Many thanks for your letter of 20 February,
which follows our earlier telephone conversation.
I do however, need to clarify some of the points
you make in the letter.
1. The FA Board has approved in principle
the idea of supporting the revenue guarantees and we are currently
undergoing a risk analysis on this to ensure that we can afford
it and in what way it should be provided.
2. On the issue of a construction guarantee
we are hoping to agree with the banks that it is not required.
I do not believe the FA would put yet more funds into the project,
over and above the revenue guarantees. We are all hopeful that
the banks will agree to this.
3. With regards to the £20 million payment
in respect of Athletics we are all aware that there is no obligation
on the FA to pay this, though it currently remains in the plan.
This will be discussed further by the FA Board in due course.
Finally, whilst this is the current situation
I am sure that you will understand that there is still much work
to be done to bring this project to fruition. It is a huge investment
for us and we must be certain that it is in the best interests
of football. As you requested I will contact you next week to
arrange a follow up meeting.