I'm not so sure. The idea of well structured debt is often used to justify what is an overleveraged financial situation. Debt is debt, ok we have had a period of historically low interest rates, but that is not guaranteed for the next ten years now.
Covid was an outlier, as was Brexit at some point, but in the event of a no-deal Brexit, sterling will get hammered in financial markets, and interest rates will shoot up to protect the currency. That makes being in a highly indebted situation a very different scenario.
I also think fans are in wonderland if they think we are not going to have one hell of a recession ahead. If you lose your job, or fear losing it in the next few months, you won't renew your season ticket. So the idea we will continue to make however millions per home game is questionable.
I know a lot of spurs ST holders in your normal Spurs like jobs - running infrastructure companies, or coffee sellers for offices - they think revenues will be down at least 50percent for a year, maybe longer.
The bonds carry interest at a
fixed rate for the next circa 23 years (average at 2.66%) - that's why we switched out of bank loans to get a fixed interest rate. Cost circa £16m pa interest, repayment at maturity.
And the £175m coronavirus loan carries an interest rate of 0.5% so if we use it, it costs less than £1m.
So Spurs are well set up financially.
Revenues come from 3 main sources :
Matchday revenues - clearly this may well be affected, with reduced crowds allowed back in the stadium initially. Spurs have a significant waiting list for tickets and whilst there maybe a high unemployment rate of (say) 15%, Spurs problem will be how to allocate seats if there is a reduced capacity initially - it will have little problem in selling seats. Only question is when stadiums will be allowed to sell 100% of seats - and that will affect all PL clubs. The other point to make is Spurs are much less dependent upon match day revenues than they used to be. The biggest issue will be loss of european match revenues and prize money.
TV revenues - Unaffected by covid until the end of the tv deals.
Commercial revenues - Sponsorship deal income was growing significantly pre-covid. More likely to plateau than fall. Spurs had started a significant exhibition and conference business, but that may be hit in the next 12 months, but its revenues we never had at WHL, and not in lsast years accounts either.
There is absolutely no way at all that revenues will be down 50% on previous years - with additional revenue streams in the new stadium (versus WHL), its probable that revenue growth will not meet pre-covid expectations, and whilst we will get some benefit from these additional revenue streams that might just replace other revenue losses leaving no change on previous years revenues. If we do not get european football that will result in revenue loss - but that's nothing to do with covid.
With the lowest wages/revenues ratio in PL Spurs will be far better placed than most clubs to ride out covid.
However don't expect the same £100m + transfer pot this summer that happened last summer - and other than Mancity (who avoid any ffp rules and owners regard the club as cleaning the country's image so money is no object) other clubs ae likely to be similarly cautious in spending big money.