The Daily Mail has revealed that Tottenham Hotspur have decided to delay the repayment of the loan they took out from the Bank of England by a year.
Spurs secured a £175million loan from the BoE last summer to help them steer through the financial crisis caused by the COVID-19 pandemic (BBC Sport).
The North London club have been hit by the financial downturn with the club being heavily reliant on matchday revenue for their substantial loan repayments on the stadium (Forbes).
Tottenham are projected to lose £200m as a result of the drop in revenue which is why they decided to apply for a COVID Corporate Financing Facility which allows the club to repay the loan with just a 0.5% interest rate.
The Mail now claim that Spurs were due to repay the loan back in March but have decided to delay the payment by another 12 months.
The report reveals that Tottenham’s North London rivals Arsenal, who took out a £120m loan from BoE, are expected to repay the amount in full this month.
Spurs Web Opinion
This decision demonstrates that the club is still reeling from the financial impact of the pandemic and perhaps sheds some light on why Levy decided to sign up for the European Super League. This also likely means that there is going to be little to no money available to spend during this summer’s transfer window.
Keep up to date with all the latest Tottenham news and opinion by following SpursWeb’s Facebook, Twitter and Instagram accounts.
