Tottenham granted £175m loan a...


Tottenham granted £175m loan as they forecast £200m losses

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Tottenham Hotspur have confirmed they’ve taken a 175-million pound loan from the Bank of England. 

The Premier League club say the money will not be used towards player transfers. 

Spurs say the challenges presented by the COVID-19 pandemic mean they stand to lose 200-million pounds over the next twelve months.

The North London outfit were criticised for making use of the British government's coronavirus job retention scheme, a decision they reversed in April.

The Bank of England loan falls under the Covid Corporate Financing Facility (CCFF), for which Spurs say they've met the required criteria.

BoE guidelines state that companies "that make a material contribution to the UK economy are able to participate in the facility".

The Premier League is due to resume behind closed doors on June 17 following approval from the UK government.

But Spurs say the continued uncertainty regarding fans' return to stadiums will have a huge impact on their finances.

They claim that, "Due to the significance of income from matchday, conferencing and third party live events such as concerts and other sports, our estimated revenue loss, including broadcast rebates, may exceed £200m (€222m) for the period to June 2021."

Spurs chairman Daniel Levy added, "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.

"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."

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