Tottenham Refinance More Than £400m of Debt to Help Lift Pressure on Stadium Payments
Tottenham Hotspur have refinanced more than £400m of bank debt after building their new stadium, helping to lift some pressure on their previous plan to repay their lenders.
The club took money to cover more than half of the cost of their £1bn stadium, borrowing from Bank of America, Goldman Sachs and HSBC, with their £637m loan initial set to be paid back by April 2022.
But The Athletic report that Bank of America has agreed to turn roughly £400m of Tottenham's debt into bonds, some which won't have to be paid back for another 30 years.
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This development doesn't mean anything too significant for the overall debt, but it will help the club manage their money more freely as two-thirds of what they had to borrow to build the stadium will not be due back in the next three years.
It's a similar deal to Manchester United's refinancing four years ago, with these long-term bonds often only being available for clubs with an investment grade rating.
The 2019/20 season marks the first full season that Tottenham will have in their new stadium, and Mauricio Pochettino's side kicked things off perfectly on matchday one thanks to their late win over Aston Villa.
They needed a slice of luck from the Video Assistant Referee to deny a certain winner for Gabriel Jesus last week, but Tottenham were able to walk away from Etihad Stadium remaining unbeaten so far this season.
They'll look to get back to winning ways against Newcastle United this weekend, but one eye will be on their first north London derby on the season just before the international break on 1st September.
