Tottenham have borrowed £175million from the Bank of England to ease the pressure caused by the coronavirus crisis. The north London club claimed they could lose more than £200m in revenue over the period from when the UK government's imposed lockdown started to June 2021.
Spurs confirmed on Thursday that they have taken advantage of the government's Covid Corporate Financing Facility. It provides them with an 'unsecured loan repayable in full at a rate of 0.5 per cent'.
Tottenham must repay the loan in April 2021, unless they are able re-draw it for another 12 months. It will not be spent improving Jose Mourinho's squad in the transfer market.
Spurs chairman Daniel Levy said: "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."
Source: Daily Mail