Spurs face £852MILLION of loan repayments to cover cost of their new stadium

first_imgTOTTENHAM will have to fork out £852MILLION in loan repayments to cover the cost of their new stadium.According to their latest set of accounts, the North Londoners must pay back the staggering sum which relates to cash borrowed to build the 62,000-seat arena.7 Tottenham face a staggering £852m in loan repayments to cover the cost of their new stadium7 Daniel Levy oversaw the project which has led to far greater matchday revenues for the North LondonersThe total repayment includes a whopping £215m in interest which puts the overall liability at just over £852m.As well as using some of their own cash reserves, Spurs initially borrowed £637m from Goldman Sachs, Bank of America Merrill Lynch and HSBC to cover the stadium project.Before chairman Daniel Levy refinanced £525m of that debt into a long-term bond scheme last September.Official documents show the average length of all remaining stadium related loans – some of which run until 2050 – is 23 years with an interest rate of 2.66 per cent APR.7Figures in the latest accounts for Tottenham Hotspur Stadium Ltd to 30 June 2019 show the club must pay back an average of £37m-a-year until 2042 to pay off the full amount.However, the North Londoners have the option of making interest only payments for the first ten years of the arrangements.To put the £37m figure into context, over the past five years prior to the most recent January transfer window Spurs have had a net transfer spend of approximately £21m-a-season.But although the sums sound huge, the repayments will be more than manageable thanks to the huge increase in matchday revenue the new stadium has brought compared to old White Hart Lane.Spurs average around £5m-revenue-per-home-game in the new ground meaning their matchday takings look set to well exceed £100m-a-year for the foreseeable future.These numbers are more than DOUBLE the £45.3m matchday revenue the club bagged in 2017 – the last season at their old stadium.MOST READ IN FOOTBALLTHROUGH ITRobbie Keane reveals Claudine’s father was ’50-50′ in coronavirus battleTOP SELLERGavin Whelan has gone from League of Ireland to David Beckham’s InstagramI SAW ROORodallega saw Rooney ‘drinking like madman’ & Gerrard ‘on bar dancing shirtless’PicturedAN EYEFULMeet Playboy model and football agent Anamaria Prodan bidding to buy her own clubExclusiveRIYAD RAIDMan City’s Riyad Mahrez has three luxury watches stolen in £500,000 raidNEXT STEPJonny Hayes set to move to English Championship having been let go by CelticKEANE DEALEx Man United youth ace David Jones says Roy Keane negotiated a contract for himREF RELEASEDChampions League ref Vincic released by cops after arrest in prostitution raidAnd that is without taking into account other hosted events like the NFL and Anthony Joshua’s postponed fight with Kubrat Pulev which also bring in extra cash.However, as a result, the current sporting blackout brought on by Covid-19 is hitting Spurs hard as their business model relies heavily on such income.Tottenham valued their impressive new home at £1.1billion in the latest accounts.7 Various loans were consolidated as part of a refinancing package7 Spurs value their 62,000 seat arena at £1.1billion7 The loans run for an average period of 23 years from 2019 – with some going until 20507Oliver Dowden announces plans to bring back live sport as spread of COVID-19 slowslast_img

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