If the club defaults on repaying the loans for the stadium and wider NDP then the loan underwriters will take posession of those assets and sell to the highest bidder to re-coup their losses. It's actually a pretty low risk loan to the lender. Obviously they wouldn't want that to happen because it would be a massive ball ache.
Now consider the same situation with money loaned to buy players.
Club borrows £1bn to buy and pay salaries of the players that can win them the IMU (Interplanetary Mega Ultimaship)(I might copywrite that). However half the team catch covid-22 and die and the other half sustain career ending injuries. How does anyone get their money back? In order to "borrow" money for players you pretty much have to have a benefactor willing to risk burning huge piles of cash. There aren't many of those about. In fact I'd say there are 3 left in the world. If that's what you want unfortunately I think you're going to have to go and support one of them.
The stadium and NDP are one prong of the plan to get us towards competing at the level of the organic mega clubs. (e.g. Utd, Liverpool, Bayern, Juve etc). Unless we are (un)lucky enough for a despot to buy us out in the hope of using us to come across as a good guy then that's as much as we can realistically hope for. We will never have Neymar, MBappe and Messi until that happens.
Agree with everything you say. I'm not implying that we borrow a billion to buy players. My original post was perhaps poorly worded.
I am insinuating that we do need that next step to a wealthy benefactor now. Or at least a generous one (unlike current owner who is wealthy but not piling money in to achieve success on pitch).
Without the benefactor we have hit the ceiling and ENIC have taken us as far as they can under the constraints of their own priorities (maximise profit).
Its only a matter of time before a club like Newcastle is bought by such a benefactor. If I'm a high profile player, I can't imagine wanting to join spurs. I see a clear ceiling in on the pitch potential, a tough chairman to negotiate with, a wage limit that at times is not reflective of success on the pitch or revenue, and a high chance of there being a new manager every few years due to chronic under investment in the squad to maintain the position that high achieving managers like Poch and a redknapp carve out quite skillfully.
On flip side, if I wanted an easy ride with almost guaranteed premiership status, moderate wages, low expectations of silverware, an impressive stadium and an incomplete squad that would allow me to shine as a star player, perhaps I would join Spurs. I suspect many players that join us fall into this category.
Even Toby is quoted as saying he left because he wants more time with his family rather than playing 3 times a week. That's completely fine and understandable, but it's hardly the mentality of a Sergio Ramos who lives and breathes winning titles.