only us and Man U are able to I think AAA credit rating.We are the only club to take advantage of this facility
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only us and Man U are able to I think AAA credit rating.We are the only club to take advantage of this facility
only us and Man U are able to I think AAA credit rating.
We are the only club to take advantage of this facility
Source?only us and Man U are able to I think AAA credit rating.
Source?
I wouldn't read into this too much. It's basically free money that Levy is able to borrow because of the club's credit rating. This is a no brainer.
Tottenham face staggering £852MILLION of loan repayments to cover cost of their new stadium
TOTTENHAM will have to fork out £852MILLION in loan repayments to cover the cost of their new stadium. According to their latest set of accounts, the North Londoners must pay back the staggering su…www.thesun.co.uk
The total repayment includes a whopping £215m in interest which puts the overall liability at just over £852m.
As well as using some of their own cash reserves, Spurs initially borrowed £637m from Goldman Sachs, Bank of America Merrill Lynch and HSBC to cover the stadium project.
But chairman Daniel Levy refinanced £525m of that debt into a long-term bond scheme last September.
Official documents show the average length of all remaining stadium related loans - some of which run until 2050 - is 23 years with an interest rate of 2.66 per cent APR.
Figures in the latest accounts for Tottenham Hotspur Stadium Ltd to 30 June 2019 show the club must pay back an average of £37m-a-year until 2042 to pay off the full amount.
However, the North Londoners have the option of making interest only payments for the first ten years of the arrangements.
To put the £37m figure into context, over the past five years prior to the most recent January transfer window Spurs have had a net transfer spend of approximately £21m-a-season.
But although the sums sound huge, the repayments will be more than manageable thanks to the huge increase in matchday revenue the new stadium has brought compared to old White Hart Lane.
Spurs average around £5m-revenue-per-home-game in the new ground meaning their matchday takings look set to well exceed £100m-a-year for the foreseeable future.
These numbers are more than DOUBLE the £45.3m matchday revenue the club bagged in 2017 - the last season at their old stadium.
And that is without taking into account other hosted events like the NFL and Anthony Joshua's postponed fight with Kubrat Pulev which also bring in extra cash.
However, as a result, the current sporting blackout brought on by Covid-19 is hitting Spurs hard as their business model relies heavily on such income.
Tottenham valued their impressive new home at £1.1billion in the latest accounts.
£175m loan for an apparent interest fee of £1.75m is well worth it for a little protection just in case. As you said a no brainer if the interest rates I’ve read about are accurate, it takes advantage of our well balanced books.
Exclusive: Tottenham borrow £175m through government scheme
Club have taken out a low interest loan from the Bank of England to help offset estimated £200m in lost revenue during pandemictheathletic.com
The north London club met a set of strict criteria to qualify for the government’s Covid Corporate Financing Facility (CCFF), which will provide an unsecured loan — repayable in full at a rate of 0.5 per cent — to give them financial flexibility and additional working capital during the crisis. Spurs estimate they may stand to lose more than £200 million of revenue in the period from the start of lockdown to June 2021.
It is only available to firms with an investment grade credit rating — the highest level of credit rating, which reflects at least an adequate capacity to meet financial commitments — and who make a material contribution to the UK economy.
Manchester United are thought to be the only other Premier League club who would be eligible for the CCFF scheme by virtue of having a formal credit rating from an agency. Spurs satisfied the CCFF stipulations after they had £525 million of stadium debt refinanced last year. Bank of America Merrill Lynch and HSBC had helped
The Sun have got things wrong - they've confused the terms of the bank loans which are in the last annual accounts with the bonds which were taken out after the last year end..
£525m of the debt has been refinanced as bonds, with the bonds only being repayable on average in 23 years time.
The only amount of the bonds that has to be paid in the next 23 years is the annual interest of circa £14m pa,
In addition there is a £112m bank loan with a long term repayment date - interest rate I think is average of 2.66%. so amount payable annually is low at circa £3m pa.
Are you saying The Sun isn't reporting facts correctly over a sensationalised headline? Doesn't sound like them!
Im not worried about the loan itself but I do find it interesting/disturbing that we went out our way to highlight the fact we won’t use it for player acquisitions. . .
Im not worried about the loan itself but I do find it interesting/disturbing that we went out our way to highlight the fact we won’t use it for player acquisitions. . .
Yeah we have to say that otherwise clubs will think we actually have money..Im not worried about the loan itself but I do find it interesting/disturbing that we went out our way to highlight the fact we won’t use it for player acquisitions.
I suppose saying that we would use it for players tells other clubs to put the price up when we come calling but still something doesn’t sit right. . .
Im not worried about the loan itself but I do find it interesting/disturbing that we went out our way to highlight the fact we won’t use it for player acquisitions.
I suppose saying that we would use it for players tells other clubs to put the price up when we come calling but still something doesn’t sit right. . .