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Tottenham take out £175M loan

Tottenham have borrowed £175m from the Bank of England.

The decision is being seen as a way to ease the pressure on the club's finances brought on by the coronavirus crisis.

The Covid-19 pandemic has affected clubs financially up and down the football pyramid with no income from matchday revenue due to games being cancelled and put behind closed doors for the foreseeable future.

According to The Athletic, Spurs have taken advantage of the government's Covid Corporate Financing Facility. It provides them with an 'unsecured loan repayable in full at a rate of 0.5 per cent interest'.

It is claimed Tottenham believe they could lose more than £200m in revenue over the period from when the UK government's imposed lockdown started to June 2021.

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Paul Vegas

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