Spurs take out additional loan to fund delays to new stadium

Image: SpursWeb

The cost of the new Tottenham Hotspur stadium is increasing which has resulted in the club taking out an additional loan facility.

The Daily Mail are reporting that senior sources close to the club have extended their line of credit by an additional £100 million.

The loan now stands at £500 million after Tottenham had originally signed an agreement in May of last year with HSBC, Bank of America and Merrill Lynch to the tune of £400 million.

The 62,062 seater stadium was due to officially open on September 15th but had to be delayed due to issues with critical safety systems caused by faulty wiring within the ground.

The paper cites the reason for the increased loan is to cover the costs of the delayed construction.

A club spokesman told the Mail: “Every day sees progress in terms of the systems.”

But a source close to the stadium development said: ‘There are literally thousands of miles of wiring to cover, in order to find the faults. Some of the wiring has been built over.’

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