MX23RW : Tuesday, October 22 11:32:07| >> :600:2757210:2757210:

Tottenham raise all funding to cover cost of new stadium

Tottenham raise all funding to cover cost of new stadium
© Reuters
On average the money raised will be paid back over 23 years.

Tottenham have raised all the funding needed to cover the cost of the team's new stadium through a major refinancing.

The Tottenham Hotspur Stadium opened in April of this year after a series of delays, but is now one of the most impressive facilities in world football.

The club said they have raised a total of £637million – £525m via US investors and a further £112m in the form of a loan from Bank of America Merrill Lynch.

On average the money will be paid back over 23 years, and at an average rate of 2.66 per cent. The longest period of return is 30 years.

Spurs chairman Daniel Levy said: "We have continued to develop Tottenham in line with prudent financial management and investment into the club's key infrastructure and our fast-growing global brand, successfully matching long-term assets with long-term financing.

"It is a tribute to the team on and off the pitch that we have achieved what is considered to be one of the most attractive financing deals in the world of sport.

"Our club is extremely well positioned as we move forward delivering the excitement and entertainment of Premier League and Champions League football, NFL, rugby, concerts and much more."

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