But that's where the flats and hotel are going, right?
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Stadium Tottenham Hotspur Stadium
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This is a great point which isn’t often thought about
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Still will have a big area in the front of the south stand and also there is space on the SW corner before you go up.
We need to sell Kane first, to fund that
The thrill I got back in April 1977 when walking down the high street (from Edmonton angel) and saw the road sign Paxton road for the very first time is just as vivid 44 years later
The properties and proposed developments are held in a different vehicle from memory. The money from them wouldn't go to the club or help pay off the debts unless ENIC wanted to.
The main issues with the boxing
- everyone leaving at exactly the same time
- the event ending late so public transport closing (and Khan not running the night tube)
- less taxis as no one can get fuel
- c. 90% of the crowd not being familiar with the area
Don't exist on a normal Spurs matchday
Not to say it can’t be improved on a math day, it can. For me and others, Crossrail will help
Tried a different route home on Thursday for a bit of variety. If you don’t mind walking ( which I don’t) 30 minutes down lordship lane to Turnpike Lane. Much less busy walk than seven sisters only 10 minutes longer. Then lots of choice of tube or bus and much less busy. Also lots of ok late night food places or decent in the day.
Some property is held in name of Spurs I think - for example property with 600 odd flats and hotel at south end of stadium.
Some property held outside Spurs (as you say) but planning made by Spurs so imagine some part of gain will accrue to Spurs I imagine
I looked it up once. I’m fairly certain it’s all held in a different company. Could still be under the Tottenham group of companies though but it’s easy enough for Enic to keep were they to sell the club for example without having to transfer it and pay tax.
The top UK registered company which owns the 'Tottenham Hotspur Football & Athletic Co Ltd' (the football club ) is called Tottenham Hotspur Limited, which also owns a number of companies (see Page 44 of the accounts listing the 15 companies, in this link, https://www.tottenhamhotspur.com/media/33788/financial-results-year-end-30-june-2020.pdf )
owning property which makes up the stadium site (and indeed a few other properties in Tottenham).
One of those subsidiaries is Tottenham Hotspur Stadium Limited which shows it owns the Stadium (as fixed assets) with a cost of circa £1.1 bn and bank debt of circa £663m - accounts filed at Companies House if interested.
The reason why the stadium is in a different company to the football club is that the debt providers only wanted to put funds into the stadium build, and did not wish to invest in football assets such as players. so the freehold of the stadium and building costs are in a separate company(s) (ie ringfenced from the football club) to the football club together with the debt. This is absolutely normal/standard where a group separates property development from its ordinary business in order to keep debt providers happy - nothing to do with tax.
BTW, even if one company owned the football, club and the stadium, there is usually nothing to prevent that company selling off the stadium - as the likes of Derby County sold the stadium to the owners of Derby County in order to try to circumvent FFP rules (unfortunately football authorities refused to accept this transfer of ownership got round FFP but that's another story).
So Spurs are no worse off having the stadium in a separate company to the club than if both were in one company.
NB If ENIC were to sell Spurs with the current corporate structure, the most tax efficient way is to sell both club and stadium together, not separately..
Yep I agree. I wasn’t talking about the stadium though but the development land to the south of the ground.
There is a note 'Assets Under Construction' on page 18 of the Tottenham Hotspur Limited accounts saying that a number of projects to the south of the stadium (hotel, residential housing) will be developed 'when appropriate' - the fact these are in that note means that the freehold land on which planning permission for a hotel and residential flats has been obtained are owned by that company or its subsidiaries,
If you compare the fixed asset values (via note in the accounts) of Tottenham Hotspur Limited 'Group' or 'Consolidated' Accounts accounts and the equivalent note in 'Tottenham Hotspur Stadium Limited' accounts you will note a difference in cost of a few hundred million pounds indicating that a number of the subsidiary companies owned by Tottenham Hotspur Limited own 'freehold land and buildings' which are not the stadium.
This amount will include the cost of the training ground, land for the hotel and flats as well as a few other property assets - for example some years ago I did some research and found that part of the Peacock Industrial estate was owned by one of the subsidiaries of Tottenham Hotspur Limited, and there may be other similar holdings of land and buildings close to the stadium owned by Spurs (as opposed to enic companies outside the Spurs group).
Any profits arising from the development of the hotel and flats will go into the 'pot' and no doubt form a part of the repayment of stadium debt/bonds.
I think there’s a difference between the future hotel and flats on the south podium and say the goods yard development. The hotel and flats has always been mentioned as part of the whole project like the extreme sports centre which a new application recently went in for. So it will be interesting to see exactly how the hotel is funded. All the property stuff is pretty murky in regards to the finances. The only concrete thing I remember in the accounts outside stadium/ training ground was when they sold the school for like £10m. But I’m pretty certain no football generated revenue is used on any property outside the football umbrella. As said will be interesting where the hotel sits in that as the foundations are already in place on the stadium complex.
I'd be almost certain that none or minimal Spurs cash will be used to build the hotel - my guess would be Spurs will line up a partnership with a hotel group specialising in running 3 or 4 star hotels and raise bank debt to build the hotel with its key tenant (hotel chain) in place..
Once built I suspect it will be operated by the hotel paying Spurs an annual rental which is enough to pay the debt interest and debt (and some profit) itself over a period of say 10 years, with the annual rental after that time being pure profit, and likely go towards paying off the stadium debt.
How did you manage getting tickets for the scum when a lot of bods been going for years can't get one ?
Stop moaning , don’t forget we are the anchor tenants.