The Football Association (FA) has secured a refinancing deal for Wembley Stadium, which could result in the national governing body saving more than £10m a year in interest payments.

A new £300m loan facility – provided by Barclays, HSBC and Santander – will provide “increased flexibility” for the FA, as well as result in significant annual interest savings. The loan will replace a previous deal, put in place to fund the £800m construction costs of Wembley.

FA chief executive Martin Glenn said the savings will be directed into grassroots football, in line with its new objectives to increase the number of artificial football pitches in England.

“This is an important step in our move towards a more focussed, sustainable FA that maximises its investments into football, especially at the lower levels of the game where our support is critical,” Glenn said.

“Support from our lenders will allow us to free up more vital and significant funds at a time where we are able to capitalise on lower interest rates.”

The deal is part of a reorganisation and cost-cutting exercise launched by Glenn earlier this year, which has so far included the axing of 100 jobs in office-based and administrative functions.

Overall, the FA has announced its ambition of creating savings of £30m a year by cutting down on operational costs - with all savings being reinvested into grassroots facilities.

• The Wembley loan was last refinanced in 2008 – a year after the stadium opened to the public.