Tottenham raise £250million in a bid to pay off debt

Tottenham Hotspur have made the first steps in their efforts to repay their £175m loan from the Bank of England, according to Global Capital.

Spurs have raised £250million through a private placement scheme organised by Bank of America to institutional investors.

The North London club secured the loan in June of last year, having been eligible for a Covid Corporate Financing Facility, repayable with a 0.5% interest rate as a result of the pandemic (BBC).

Tottenham had feared that they could lose around £200million having been forced to play matches at the Tottenham Hotspur Stadium behind closed doors and a number of other events at the venue also either postponed or cancelled including NFL matches and concerts by Guns N’ Roses and Lady Gaga.

Tottenham had given themselves more time to repay the Bank of England loan by rolling it over into a new one which gave them until March 2022 to pay off the debt in full (Football.London)