Tottenham have received a boost after securing a £75 million loan which will be used to upgrade the club’s White Hart Lane ground and improve training facilities for coach Glenn Hoddle.
The north Londone club, who have been overshadowed – on the pitch – by neighbours Arsenal in recent years, have agreed terms with two financial institutions. The twin projects will take up around œ65million, with the remaining œ10million used to replace existing short-term borrowings.
Explaining the deal, Tottenham PLC chairman Daniel Levy stated: ‘This is a very flexible and innovative agreement that will allow us to match long-term borrowings with our long-term assets and it provides some sensible and cost-effective options in the funding of planned capital projects.
‘Our proposed new football academy and first-team facility are currently subject to planning consent, and we are continuing to consult with the local authority.’
Spurs have received planning permission to increase the capacity of White Hart Lane by 8,000 – taking it up to 44,000.