Tottenham stadium update: Spurs to take out new £237million loan to cover spiralling costs

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further woes

The new ground - which is still not open - is worth 59 per cent more than the initial valuation

Tottenham Hotspur are to take out a new loan as the costs of building their new stadium continue to spiral.

The north London side will borrow a further £237million on top of the initial £400million valuation of the stadium, representing a 59 per cent increase.

Tottenham continue to wait for the completion of their new stadium

Tottenham continue to wait for the completion of their new stadium

The club’s debt has also risen from £366million to £600million, according to The Independent.

The extra money will provide cash-flow for Tottenham as they attempt to finalise the development of the new ground before the targeted completion date of January 13.

A club statement read: “These investments have been financed by funds from the Club and bank finance, principally from Bank of America Merrill Lynch International, Goldman Sachs Bank USA and HSBC Bank plc (“Banking Partners”) who have provided a development facility of up to £637m. At 30 June, 2018, the Club had net debt of £366m.”

Tottenham originally planned to have their new stadium open for the Premier League fixture against Liverpool on September 15, but they’ve been forced to push back the completion date due to safety issues.

Work appeared to be moving ahead earlier this month with the pitch fully laid, though the club confirmed their remaining home matches will all be played at Wembley, up to and including the clash against Wolves on December 29.

Spurs will remain at Wembley until the end of the year

Spurs will remain at Wembley until the end of the year

As previously stated, Spurs are now targeting January 13 as the date of the first official match, their Premier League clash against Manchester United.

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