Tottenham secure £175m Bank of England loan

Tottenham have secured a £175m loan from the Bank of England to aid them during the coronavirus crisis.

Spurs estimate they could lose £200m playing behind-closed-door matches at their 62,303-capacity stadium, with other scheduled events cancelled.

They are eligible for a Covid Corporate Financing Facility, repayable with a 0.5% interest rate.

Chairman Daniel Levy said: “We have always run this club on a self-sustaining commercial basis.”

Spurs, who have played in the Champions League for the last four seasons, are currently eighth in the Premier League – seven points behind fourth-placed Chelsea – with nine matches remaining.

Guns N’ Roses, Lady Gaga and the Capital Summertime Ball concerts were all due to be held at their N17 home, plus Anthony Joshua’s world title fight with Kubrat Pulev.

A Rugby League Ashes Test in November and two NFL games in the autumn were in the calendar, too, but will no longer take place.

Spurs also have to pay a rebate to broadcasters.

Levy, who replaced Sir Alan Sugar as chairman in February 2001, added: “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.”

(BBC Sport)

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