Daniel Levy will not chase 'quick fix' at Totteham
Friday 20 September 2019 11:54, UK
Tottenham's chairman Daniel Levy has admitted he does not know whether investing more money on players or building the new stadium would have brought greater success to the club.
Spurs moved to their new and improved £1bn 62,000-capacity stadium in April against Crystal Palace, after months of delays and setbacks.
This summer they spent around £120m on players, including the £63m club-record capture of midfielder Tanguy Ndombele from Lyon. However, before that, the club had not signed any players since purchasing Lucas Moura from Paris Saint-Germain in January 2018.
Levy told the Financial Times: "The right approach is to build from the bottom up. There is no quick fix to becoming a more significant global club.
"I understand, as I am a fan, clearly you want to win on the pitch. But we have been trying to look at this slightly differently, in that we want to make sure we ensure an infrastructure here to stand the test of time."
To fund the Tottenham Hotspur Stadium, the club originally took out a £400m loan from three different banks, Merrill Lynch, Goldman Sachs and HSBC Bank plc.
However, the club announced on Friday they have now gained £637m worth of support from The Bank of America and a number of institutional investors, in Europe and the United States. Many of those are big insurance funds.
The fresh cash injection will go to paying off their original loans and other costs incurred in the stadium's construction. Tottenham insist they have now secured a preferential rate, that can be paid off over a longer period of time, thus securing the club's financial future.
Levy said: "We have continued to develop Tottenham Hotspur in line with prudent financial management and investment into the club's key infrastructure and our fast-growing global brand, successfully matching long-term assets with long-term financing.
"It is a tribute to the team on and off the pitch that we have achieved what is considered to be one of the most attractive financing deals in the world of sport. Our club is extremely well positioned as we move forward delivering the excitement and entertainment of Premier League and Champions League football, NFL, rugby, concerts and much more."
