Tottenham's New White Hart Lane Stadium Cost Could Rise to £1 Billion
Tottenham Hotspur's new White Hart Lane project could cost them as much as £1bn, despite the initial cost estimation being a reported £400m, according to the Daily Mail.
The North London side are playing home games at Wembley this season, but expect to return to a brand new home ground for the start of the 2018/19 campaign.
This is the second time the estimated cost has risen since the start of the project, with a figure of £750m being noted in their planning application.
According to the report, club chairman Daniel Levy has confided in persons involved in the project and informed them that the rising price is due to the complexity of the construction.
Spurs plan to have a 61,000 seat facility when their stadium is complete. But they also aim to accommodate NFL matches with two sliding pitches and additional larger changing rooms.
So far, they've already spent over £100m on construction work, while things are said to be moving smoothly and according to schedule.
Levy, meanwhile, is still in talks with interested parties who are keen to help finance the cost of the new stadium. He also plans to use naming rights as an avenue, as well as other deals, in the same manner Arsenal financed their Emirates ground, and has already admitted that the stadium won't be called White Hart Lane.
The club are also poised to rake in £28m every year from match day revenue when they move in, with the majority coming from corporate hospitality.
As things stand, Spurs don't have significant debt, but three banks have already approved five-year loans of £350m. And any outstanding debt after the five-year period will be refinanced or placed into bonds.
