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Tottenham Hotspur take out £175m loan to help survive coronavirus crisis

:Headline: Tottenham Hotspur take out £175m loan to help survive coronavirus crisis:
Spurs qualified for a Covid Corporate Financing Facility.

Tottenham chairman Daniel Levy has urged the authorities to find a "safe way" to bring supporters back into stadiums after his club took out a £175million loan from the Bank of England to help them survive the coronavirus crisis.

Spurs are estimating they could lose more than £200m in revenue because of the pandemic, which will see them resume matches behind closed doors while a host of other events at their new stadium set for 2020 have been cancelled.

They are eligible for a Covid Corporate Financing Facility (CCFF), a Government scheme set up for companies that have a "strong investment grade rating and make material contribution to the British economy".

  • 5 Premier League games (now being played behind closed doors)
  • 2 Guns N' Roses concerts
  • 1 Lady Gaga concert
  • Capital Summertime Ball
  • Anthony Joshua v Kubrat Pulev
  • England v Australia Rugby League Ashes test
  • 2 x NFL games

At the start of the pandemic Levy warned there would be severe financial challenges ahead, but his words were lost in the fall-out of his decision to furlough some non-playing staff and impose pay cuts on others – one he eventually overturned.

But with spectators banned from sporting and other entertainment events for the foreseeable future, the club have a big hole in their revenue.

Levy told the club's official website: "We have always run this club on a self-sustaining commercial basis.

"I said as early as 18 March that, in all my 20 years at the club, there have been many hurdles along the way but none of this magnitude – the Covid-19 pandemic has shown itself to be the most serious of them all.

Daniel Levy says the coronavirus crisis is his biggest challenge in 20 years as Tottenham chairman (Mike Egerton/PA)

"It is imperative that we now all work together – scientists, technologists, the Government and the live events sector – to find a safe way to bring spectators back to sport and entertainment venues.

"Collectively we have the ability to support the development of new technologies to make this possible and to once again experience the passion of fans at live events."

Five of Spurs' remaining Premier League games are due to be played at the Tottenham Hotspur Stadium – including stand-out fixtures against Manchester United and Arsenal – but they will miss out on a huge chunk of income due to them taking place behind closed doors.

The stadium also had a full itinerary for non-Spurs events for the remainder of 2020, but they have all been wiped out.

Lady Gaga was scheduled to perform at the stadium this year (Ian West/PA)

Guns N' Roses, Lady Gaga and the Capital Summertime Ball concerts were all due to be held in north London along with Anthony Joshua's world title fight with Kubrat Pulev.

A Rugby League Ashes test in November and two NFL games in the autumn were also in the calendar but will no longer take place.

Spurs also have to pay a rebate to broadcasters.

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last updated article - 2020-06-04 16:41:43:
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Premier League Table
TeamPWDLFAGDPTS
CLiverpool33292272254789
2Manchester CityMan City33213981344766
3Chelsea341861063461760
4Leicester CityLeicester33177963313258
5Manchester UnitedMan Utd331510856332355
6Wolverhampton WanderersWolves33131374536952
7Arsenal33121384941849
8Tottenham HotspurSpurs33139115244848
9Sheffield UnitedSheff Utd33121293433148
10Burnley33137133746-946
11Everton33128134048-844
12Newcastle UnitedNewcastle331110123545-1043
13Southampton33134164255-1343
14Crystal Palace34119143043-1342
15Brighton & Hove AlbionBrighton33812133544-936
16West Ham UnitedWest Ham3387184058-1831
17Watford34710173153-2231
18Aston Villa3376203662-2627
19Bournemouth3376203259-2727
20Norwich CityNorwich3456232663-3721
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Championship Table
TeamPWDLFAGDPTS
1Leeds UnitedLeeds41239963342978
2West Bromwich AlbionWest Brom412114671403177
3Brentford422291175344175
4Fulham4221101156441273
5Nottingham ForestNott'm Forest4218141054421268
6Cardiff CityCardiff42161795851765
7Derby CountyDerby411613125653361
8Swansea CitySwansea411515115248460
9Millwall411417104844459
10Preston North EndPreston411610155250258
11Blackburn RoversBlackburn421512155653357
12Bristol City411510165360-755
13Reading421411175348553
14Queens Park RangersQPR41158186066-653
15Sheffield WednesdaySheff Weds411410175056-652
16Wigan AthleticWigan411311174553-850
17Birmingham CityBirmingham411213165164-1349
18Huddersfield TownHuddersfield421211194963-1447
19Stoke CityStoke41137215461-746
20Charlton AthleticCharlton421210204757-1046
21Hull City41129205672-1645
22Middlesbrough411014174053-1344
23Barnsley421012204667-2142
24Luton TownLuton42118234779-3241
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