Tottenham gets £175m loan to offset huge losses | Tanzania
Tottenham gets £175m loan to offset huge losses

Tottenham gets £175m loan to offset huge losses

English Premier League side Tottenham have received a £175 million loan from the Bank of England to cushion them from losses incurred during the coronavirus pandemic.

The club had predicted losses of up to £200 million over the next year after the football was suspended as COVID-19 cases spread throughout England. 

The club's finances will take a dent by the loss of matchday and hospitality income, cancellation of non-football events such as NFL matches and concerts and rebates owed to television broadcasters.

"Due to the significance of income from matchday, conferencing and third-party live events such as concerts and other sports, our estimated revenue loss, including broadcast rebates, may exceed £200 million for the period to June, 2021," Tottenham said in a statement.

The Covid Corporate Financing Facility (CCFF), provided by the Bank of England is available to companies with a strong investment grade rating and who "make a material contribution" to the British economy.

The English Premier is due to return on June 17 after a three-month break, but all remaining 92 games this season will be played behind closed doors.

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