Tottenham has borrowed £175 million from the Bank of England to help ease the economic impact of the coronavirus pandemic, Press Association reports.
“We have always run this club on a commercially self-sustaining basis,” said Daniel Levy, chairman of Tottenham. “I said as early as March 18 that there were several obstacles along the way in all my 20 years at the club but nothing of this size- the Covid-19 pandemic proved to be the most severe of it all.”
Spurs predict they would lose £200 m in the time up to June 2021 as a result of being unable to host matches for supporters visiting their new stadium. But they hope to recover their finances:
“It is important that we all work together- scientists, technologists, government and the live events industry- to find a safe way to get fans back to sports and entertainment events.
“Collectively, we have the opportunity to promote the advancement of emerging technology to make that possible and to feel the fans’ excitement at live events once more.”
The £175 m in funding was borrowed via a Covid Corporate Financing Facility to which Tottenham was able to register. It’s repayable at a 0.5 per cent interest rate.