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  1. ITV Report

Billionaire Shahid Khan pulls out of £600 million Wembley Stadium bid

Wembley stadium is the home of England's national football team. Credit: PA

The owner of Fulham FC Shahid Khan has withdrawn his offer to buy Wembley Stadium.

The billionaire who also owns the NFL's Jacksonville Jaguars had tabled a bid in the region of £600 million for the national football team's stadium.

However he has now withdrawn the offer after a FA Council meeting last week on the issue.

Shahid Khan already owns Fulham FC and the Jacksonville Jaguars Credit: PA

The US businessman said on Wednesday "there is no definitive mandate to sell Wembley".

I’ve been clear publicly as well as in my correspondence with the FA Council that it would require a proper partnership, with the full and enthusiastic commitment of all involved, to maximize the benefits to the FA and game of football by way of 100 percent private ownership of Wembley Stadium.

At this moment, following last week’s FA Council hearing, it appears there is no definitive mandate to sell Wembley and my current proposal, subsequently, would earn the backing of only a slim majority of the FA Council, well short of the conclusive margin that the FA Chairman has required.

– Shahid Khan

He added he was not ruling out revisiting the idea of buying Wembley in the future.