BBC Sport report that Tottenham Hotspur have managed to secure a £175m loan from the Bank of England to aid them during the financial crisis caused by COVID-19 pandemic.
All revenue streams including matchday, commercial and broadcast have come to a screeching halt during the pandemic with footballing action now suspended.
The Premier League is set to resume in less than two weeks with games being played behind closed doors and it has been revealed that a similar arrangement might have to be made next season as well.
The BBC claim that Spurs are projected to lose £200m as a result of playing behind-closed-door matches at their 62,303-capacity stadium, with other scheduled events cancelled.
Tottenham, along with the other Premier League clubs, will also have to pay a rebate to the broadcasters.
The club are eligible for a COVID Corporate Financing Facility and the loan is thus repayable with just a 0.5% interest rate.
Speaking about the decision, chairman Daniel Levy is quoted as saying: “We have always run this club on a self-sustaining commercial basis.”
Spurs Web Opinion
I suspect we certainly will not be the last football club to apply for a loan under the current circumstances. The fact that we were eligible for such a large loan suggests that our business model is still pretty solid in comparison to some of the other clubs. Hopefully, things soon return to normal and the financial impact of the crisis is minimal.
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