Daniel Levy ‘briefly considered’ asking Tottenham Hotspur’s multi-billion pound owner Joe Lewis for financial assistance to balance the club’s books during the coronavirus shutdown.
Spurs were hit massively by the pandemic last year, with lockdown causing a number of revenue streams to be blocked. As such, it was feared that losses from the first lockdown until June of this year would amount to upwards of £200 million.
The postponement of football matches caused Spurs to lose income from fans, while events such as rugby, boxing, NFL clashes and concerts were cancelled altogether.
Those cancellations led to a call for action, and at the beginning of June last year, Spurs took out a low interest £175 million loan from the Bank of England at a rate of 0.5%.
Chairman Levy also announced he had refinanced the debts on the brand new stadium to further ease the financial burdens on the club.
It has now been revealed by The Telegraph that Levy considered asking the club’s billionaire owner Lewis for some extra support during the height of the pandemic, after concerns over not being able to balance the books.
Lewis’ hands-off approach to running the club and leaving it in Levy’s control has caused him to be a divisive figure among Spurs fans.
The 84-year-old has a net worth of almost £5 billion according to Forbes, but has entrusted his business model in N17 to be self-sufficient and able to grow organically without the need for bankrolling.
Spurs Web Opinion
Lewis has undoubtedly made a success of Spurs from the point of view as a financial investment, but it is quite apparent that the on-pitch performance is in the backseat of things.
The club was impacted quite hard during the pandemic after losing its natural streams of revenue, but with the amount in his pocket, you would think he would’ve helped if we needed it.
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