Tottenham Hotspur has had to borrow £175 million to keep up with the impacts of COVID-19 pandemic.
The Bank of England has stepped in to help out the North London club during this time crisis. Tottenham are due to pay it all back at an interest rate of 0.5%.
According to Spurs’ estimates, they could lose as much as £200m over the next one year due to stadium expenses. They have just overseen a massive project of upgrading White Hart Lane and taking on massive debt in the process. We have already seen the impact a new stadium can have on a London club from their neighbours, Arsenal.
For years, Arsene Wenger was restricted in transfer spendings up until the entire debt was paid off. Of course, Spurs financial stress has been heightened by the ongoing worldwide crisis. Playing in a stadium without fans will take a financial toll. Also, several other scheduled events had to be called off to stop public gathering.
Among the cancelled fixtures were to NFL fixtures, Anthony Joshua’s world heavyweight championship boxing match against Kubrat Pulev and a Lady Gaga concert.
“We have always run this club on a self-sustaining commercial basis,” said Tottenham chairman Daniel Levy. “I said as early as 18 March that, in all my 20 years at the club, there have been many hurdles along the way but none of this magnitude – the Covid-19 pandemic has shown itself to be the most serious of them all.
“It is imperative that we now all work together – scientists, technologists, the government and the live events sector – to find a safe way to bring spectators back to sport and entertainment venues. Collectively we have the ability to support the development of new technologies to make this possible and to once again experience the passion of fans at live events.”
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