- Spurs fear losing more than £200m of revenue to June 2021
- Loan will not be used to buy new players in summer
Tottenham have borrowed £175m from the Bank of England to help them through the next year or so, as they respond to the financial destruction of the Covid-19 crisis.
The club fear that they may lose more than £200m of revenue in the period from the start of lockdown to June 2021, including broadcast rebates, and they have sought help from the government’s Covid corporate financing facility lending scheme, which has provided them with the unsecured loan. It is repayable in full next April at a rate of 0.5%, which is low in commercial terms, although Spurs could redraw it for another year.
Written by David Hytner
This news first appeared on https://www.theguardian.com/football/2020/jun/04/tottenham-take-175m-bank-of-england-loan-to-ease-coronavirus-impact under the title “Tottenham take £175m Bank of England loan to ease coronavirus impact”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
