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Tottenham take out UK£175m loan to ease Covid-19 impact

Getty ImagesDaniel Levy, chairman of top-flight English soccer side Tottenham Hotspur, has urged the authorities to find a “safe way” to bring supporters back into stadiums after his club took out a UK£175 million (US$219. 2 million) loan from the Bank of England to help them survive the coronavirus crisis. Spurs are estimating they could lose more than UK£200 million (US$250. 4 million) in revenue because of the pandemic, which will see them resume Premier League 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'. Tottenham revenues up UK£80m as profits fall UK£44m for 2018/19At the start of the pandemic Levy warned there would be severe financial challenges ahead, but his words were lost in the fallout of his move to furlough some non-playing staff and impose pay cuts on others – a decision he eventually overturned.

Read more at:
https://www.sportspromedia.com/news/spurs-bank-of-england-loan-covid-19-financial-impact

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