Tottenham Hotspur has secured a £175m loan from the Bank of England due to the financial impact of the global health pandemic.
It was approved after it was eligible for a COVID Corporate Financing Facility, which provides short-term loans to businesses at a 0.5 per cent repayable interest rate.
Tottenham Hotspur chairman Daniel Levy, commented: “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.”
Spurs are set to incur losses of around £200m during the global health pandemic up to June 2021 because of a lack of match day income and broadcast rebates caused by the coronavirus crisis.
Moreover, the football club’s stadium was scheduled to host a variety of events which included two NFL games, a Rugby League Ashes Test, Anthony Joshua’s world title fight against Kubrat Pulev, and a variety of concerts.
With the Premier League set to make its anticipated return on 17 June, Tottenham Hotspur may also be financially impacted if the team does not qualify for the Champions League. Jose Mourinho’s side is currently eighth in the table, seven points behind fourth-placed Chelsea, who occupy the last guaranteed Champions League spot.