Tottenham have secured extra funding after costs rose surrounding their new stadium.
New stadium plans
Rising costs of Tottenham Hotspur’s new stadium have led to the club securing a £350 million loan, report The Times.
The spiralling costs will bring the total expenditure of the project to £750 million, of which Spurs hope to recoup a substantial amount from selling naming rights.
The Times report Spurs have sought £350 million from three investment banks, which will be repaid at a fixed rate for five years before being re-financed.
Tottenham chairman Daniel Levy
In recent days Spurs have been coy as to whether this will in fact be their last season at White Hart Lane, with the new stadium presently scheduled to open in 2018.
White Hart Lane must be demolished to make way for the new stadium to be completed, with Tottenham set to play their home games at Wembley next season.
Taking out loans is simply a necessary step for the club to deliver on their promises. Spurs have dealt with the challenges swiftly, and supporters should be confident the club are managing the situation effectively.
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