English Premier League club Tottenham Hotspur has reportedly collected a loan worth $220 million using the Bank of England’s emergency pandemic loan scheme to cope with the absence of spectators and the cancellation of two NFL games it was to stage this year
Tottenham Hotspur fans are pictured at the start of a match. Reuters
Spurs has revealed the financial impact of the coronavirus pandemic as the Premier League advanced plans for the competition to end its 100-day shutdown in two weeks.
EPL Clubs during a conference, agreed to adopt the temporary change in world football laws and raise the number of substitutes allowed in games from three to five, with the bench increasing from seven to nine players.
But former Premier League chairman Dave Richards said it was too early to be resuming with the British government on Wednesday recording 1,871 new COVID-19 cases and an additional 359 deaths which took the overall tally to near 40,000.
“I don’t believe the time is right I think with the deaths and the number of people that are catching it, I believe it is just too early,” Richards said at a SoccerEx online conference. “But it all comes down to money in the end because we have contracts with broadcasters and everything.
“No matter how much money is involved, the time is not right for the public to be watching it on TV. It’s a few weeks yet before we should.”
But English side Tottenham need for a credit facility underscored the necessity of playing again, to reduce the hundreds of millions of dollars in rebates the league’s broadcasters will be owed even if the competition is completed.
The club announced it secured a loan of 175 million pounds after being eligible for the Bank of England’s COVID Corporate Financing Facility and said it would not be spent on player signings.
They are already on loans of 637 million pounds to service that were taken out to fund the 1 billion pound stadium that opened last year and can fit more than 60,000 people.
Tottenham said their revenue loss due to the absence of fans, cancellation of stadium events and
Tottenham chairman Daniel Levy said. “Collectively, we have the ability to support the development of new technologies to make this possible and to once again experience the passion of fans at live events.”
Tottenham are struggling to qualify for the Champions League next season. The 2019 finalist is eighth in the Premier League, seven points behind fourth-placed Chelsea with nine rounds remaining.
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