Tottenham secure stunning £350million deal - report
By Harry Sykes
Tottenham have secured a £350million finance package to fund their new stadium redevelopment, according to a report.
The Times claim the Premier League club have deals in place with three investment banks to provide nearly half the money towards the rebuilding of White Hart Lane.
It is said that HSBC, Goldman Sachs and Merrill Lynch will each provide loans at a fixed rate over an initial five-year period, after which the plan is to re-finance them.
The Times report that the remainder of the funding for the £750million project will be provided through advanced ticket sales, a ten-year ground rental arrangement with the NFL and a possible naming-rights deal.
It comes as Spurs prepare to announce their departure from their historic White Hart Lane home at the end of the season.
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Plans to spend a year at Wembley before returning to a rebuilt ground on an adjacent site for the start of the 2018-19 season are currently on hold while club officials wait for greater clarity that the building work is on track before committing to a temporary move to the national stadium.
But the Times report that Spurs officials are confident about the original time timetable after Brent Council gave the green light last Thursday to the London giants’ planning application to play 27 ‘home’ matches at Wembley next season.
Tottenham announced healthy financial results for the year ending June 2016 yesterday, posting record post-tax profits of £33million on a highest-ever revenue of almost £210 million.