Spurs 'borrow £175m from bank' in government scheme to ease financial pressure

Published on: 04 June 2020

Tottenham have borrowed £175million from the Bank of England to ease the pressure on the clubs finances brought on by the coronavirus crisis, according to reports.

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-19 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.

Source: m.allfootballapp.com

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