Tottenham Hotspur forced to make cuts due to cost of new stadium
EPL club Tottenham Hotspur has been forced to make cuts because of the rising cost of their new stadium but club chairman Daniel Levy has insisted the project had no impact on their lack of summer signings.
Spurs' new stadium has more than doubled in cost since work began in 2015 and Levy said the overall figure, previously estimated at £850million, had "definitely risen" again following indefinite delays caused by issues with the safety systems. In a board-to-board meeting with the Tottenham Hotspur Supporters' Trust (THST), the club confirmed that soaring fees, which include renting Wembley for home games and continuing to pay the 24-hour workforce, had resulted in cost-cutting.
The chairman confirmed the costs had definitely risen and [executive-director Donna-Maria Cullen] added that the Club was cutting internal costs where possible (campaigns, marketing etc.)," read the minutes from last week's meeting. Levy said the three banks financing the project "were being very supportive" and insisted transfer spend had not been affected.
Spurs became the first Premier League club not to make a single summer signing since the introduction of the transfer windows in 2003.