Agreed. People comparing this stadium build to Woolwich's are missing more than a few key details. Its a completely different scenario for a number of different reasons.It's worth summarising the bank loan position. :
1. The Invesec loan to fund the training ground was extended to be £25m facility which was fully drawn down but after repayments £21m was outstanding at the year end.
The loan is repayable in 2022 but is likely to be re financed together with the loans to fund stadium build
So the majority of the training ground facilities have been funded out of Spurs own cash ( possibly within the player lodge being funded by the stadium loans - it's not clear)
2. A loan facility totalling £ 537m was entered into with 4 banks of which £ 445m. Had been spent by June 18.
In October the loan facility was increased by £100m - as the accounts were signed later that month there may be other loan increases agreed but not yet disclosed.
So assets at the year end of £ 1 bn have been funded at the year end by about £ 470m of borrowing ( the figures probably need adjusting for the £ 100m in cash held at the year end and the £100m of trade creditors at the year end, but there is not enough information to be accurate) showing that a big chunk of the stadium and training ground facilities have already been paid off over the last 5 or 19 years.
We are in pretty good shape !
We have almost certainly avoided the problems Woolwich got themselves into when they built their stadium !