Tottenham borrow £175m to ease coronavirus impact

Tottenham borrow £175m to ease coronavirus impact

Tottenham have taken a loan of £175m from the Bank of England.

The Premier League outfit have incurred major losses due to the Coronavirus pandemic and they need some cash injection to cope right now.

As per Guardian, Spurs will face estimated losses of around £200m until June 2021. 

The current health crisis has affected clubs all across the globe and several clubs will have to rely on selling players in order to cope with the situation.

The report claims that Tottenham will not use the money to sign new players. 

Spurs will have to repay the loan in full next April at a rate of 0.5%. That said, the Londoners will have the option to redraw it for another year.

Spurs will lose millions in matchday revenue just like the Premier League clubs and they expect to lose out on broadcast rebates as well.

Tottenham could be one of the most affected clubs financially this summer because of their investment into a new stadium and their planned sources of revenue.

The Londoners had planned to raise money by hosting various sporting events throughout the year. However, those plans are off the cards now because of the health crisis. 

The Premier League side have had to cancel a rugby game between Saracens and Harlequins, Anthony Joshua’s world title fight against Kubrat Pulev, two NFL fixtures and England v Australia in the rugby league Ashes. Concerts from Guns N’ Roses and Lady Gaga and the Capital Radio Summertime Ball have also been ruled out. 

It will be interesting to see how Tottenham bounce back from this.

On the footballing front, they will have to wheel-and-deal in the transfer market and Mourinho is unlikely to spend big this summer.