Kieran Maguire: Confirmed £175m Tottenham news may seal new Son deal
Tottenham have refinanced their £175million Covid Corporate Finance Facility loan – and that may allow them to offer Son Heung-Min a new contract.
That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively about the South Korean superstar, who is about to enter the final two years of his Spurs deal.
Tottenham confirmed on 18th June that they had taken out a new £250m loan in order to repay the £175m they owe through the CCFF.
The Athletic‘s Tottenham correspondent Jack Pitt-Brooke reported the same day that this now puts them in a position to enter negotiations with Son.
This site revealed on 25th May that Spurs are very confident Son will remain in North London next season after productive talks were held.
Maguire explains that the previous arrangement with the CCFF would not allow them to spend the cash on “senior pay” but that this new deal will.
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He told Football Insider correspondent Adam Williams: “Under the CCFF lending conditions, the money that is advanced from the Bank of England can only be used for working capital purposes.
“It cannot be used for what they call ‘senior pay’. I think this is indicative that Son Heung-Min is one of the best-remunerated players at Spurs, for him to fall into that bracket.
“They want to renew him for two reasons: A) he is a fantastic footballer and B) shirt sales.
“He effectively pays for himself given the popularity he has with South Korean fans and their ability to negotiate deals in that part of the globe.“