Football Association bosses have refinanced their Wembley Stadium debt in a bid to save £30million a year.

The governing body is looking to raise the sum in order to re-invest funds into grassroots football following a wave of job losses at St. George's Park.

A total of £17 million will be recouped from those cuts and the remainder will come from the FA’s new refinancing agreement with a consortium of banks, according to the Guardian.

Chelsea and Tottenham are also looking into the possibility of using the Brent venue while their own grounds are re-developed and this could further boost the coffers by £55million across three years.

The FA’s chief financial officer Andrew Crean said: “It is quite a landmark moment for Wembley and the FA because it represents the moment when it becomes an asset of the group.

Building Wembley Stadium in pictures:

“It’s a core part of the group, it’s cash generative and it’s got a financial track record. Going forward, Wembley will be returning cash surpluses to the FA for reinvestment into football.”

The FA last refinanced the Wembley debt back in 2008, during the economic slump and as fears grew over their then broadcasting partners, Setanta Sports.

Martin Glenn, who was recently appointed to the role of chief executive, has announced plans to axe 100 jobs at the national football centre to help fund facilities and new training for coaches.

He described the move as an “important step in our move towards a more focused, sustainable FA that maximises investment into football, especially at the lower levels of the game where our support is critical”.

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