Daniel Levy makes Tottenham transfer vow after refinancing stadium debt


Daniel Levy has insisted that the refinancing of Tottenham’s stadium debt will not impact the club’s activity in the transfer market.

Spurs borrowed £637million in loans from various banks to help finance the development and construction of their 62,062-seat ground, which opened in April.

That sum was due to be repaid by April 2022 but the Premier League club have converted most of the debt into bonds through US investors to stagger payments.

Spurs confirmed on Friday that £525m of finance has been raised after securing a variety of deals with an average maturity period of 23 years.

A statement on the club’s website also revealed that the new arrangement, which saw Bank of America Merrill Lynch act as lead placement agent and sole bookrunner, includes an annual interest rate of 2.66%.

Daniel Levy says the new arrangement to finance Tottenham’s debt will change the way the club is run

However, Spurs chairman Levy told the Financial Times that the new arrangements will not alter the way the north London club is run.

He said: “The refinancing will have no ­bearing on how we run the club… and no bearing on those types of short-term movements [like transfers].”

Spurs spent around £120m net on new faces this summer after bringing in the likes of Tanguy Ndombele, Ryan Sessegnon and Giovani Lo Celso, who joined on loan but could join in a permanent £55m deal at the end of the season.

It came after the club spent no money during the 2018/19 season, but still managed to finish in the top four and reach the final of the Champions League.

READ  England vs Kosovo LIVE: Stream free, score, TV channel and teams for Euro 2020 qualifying

Spurs moved to their new stadium in April

Read More

Mirror Football’s Top Stories

“We could easily have spent more money on players,” Levy added.

“Who knows if that would have brought us more success or not… The right approach is to build from the bottom up.

“There is no quick fix to becoming a much more significant global club.

“I understand, as I am a fan, clearly you want to win on the pitch. But we have been trying to look at this slightly differently, in that we want to ensure an infrastructure here to stand the test of time.”





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here