Coronavirus: Tottenham borrow £175m to cover costs incurred due to pandemic
Tottenham set to lose out on £200m of revenue up to June 2021 because of COVID-19
Last Updated: 05/06/20 7:04am
Tottenham have borrowed £175m from the Bank of England to help ease some of the financial pressure placed on the club due to the effects of the coronavirus pandemic.
The Premier League club are set to lose out on £200m of revenue up to June 2021 because of the pandemic, with no matches at their new stadium and a host of other sporting and non-sporting live events lined up for this year now cancelled.
They are eligible for a COVID Corporate Financing Facility (CCFF), repayable with a 0.5 per cent interest rate.
- 'Jan Vertonghen future won't bother Jose Mourinho'
- Spurs and Newcastle in talks to extend Danny Rose loan
- Harry Kane: We'll need seven or eight wins to make top four
Chairman Daniel Levy said: "We have always run this club on a self-sustaining commercial basis.
"I said as early as March 18 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."
In March, 550 non-playing staff including Levy took 20 per cent salary cuts at Hotspur Way to "protect jobs" by using the Government's furlough scheme.
But the club later reversed this decision following pressure and criticism from supporters, and released a statement to indicate that non-playing staff would receive their full salaries for April and May.
Following the decision to suspend the Premier League season due to the pandemic, Levy admitted that the coronavirus outbreak constituted the largest problem he has had to face during his tenure at Tottenham.
The club announced their financial results for 2018-19 earlier this year, when Spurs recorded £460m in revenue - £80m on the previous campaign.
Tottenham's move into their new stadium also helped revenue increase, with a £27m jump in corporate and hospitality income.
However, overall profits were down almost £45m on 2018's figure of £113m, to £68.6m.