Spurs returned to their new, swanky stadium in April 2019 after spending two seasons at Wembley, their makeshift home.
Tottenham Hotspur head honcho Daniel Levy has clarified on the manner of the financial restructuring intended for the club and the consequences of it on the club’s annual business on players.
In a bid to keep up with the other bigwigs in the league and Europe, the 57-year old businessman oversaw the project of redeveloping the home ground “Tottenham Hotspur Stadium” (previously White Hart Lane) consisting of modern retractable NFL pitches as well as increased stadium capacity from 36,284 to a massive 62,062.
The lavish layout for the refurbishment is reported to have cost upwards of £1b. £637m of the funds have been availed as loans from reputed banks with the repayment date stipulated to be within April 2022.
Racing against a ticking clock to repay the mammoth fee incurred, Levy was his usual self when asked about the same suggesting that the repayment of the loans wouldn’t hamper the club’s progress and his style of running the club.
It is unlikely though that Mauricio Pochettino might benefit from the scenes running in the board room as he would feel rather constrained to sign the players that might be required with the club possibly keeping a tight leash on transfer till the recompensation period ends, a situation similar to the one their North London neighbours Arsenal endured for a rather longer period of time when they moved into the Emirates Stadium from Highbury.
Despite the heavy outlay, Spurs did also make room for on-pitch purchases getting in top-class talents like Tanguy Ndombele from Lyon for a club-record £62m, and Giovani Lo Celso on loan from Real Betis with a permanent purchase set at £55m.
Levy is rather a man for the long haul instead of focusing on the short-term initiatives, stating, “It will have no bearing on how we run the club and no bearing on those types of short-term movements [like transfers].”
He told Financial Times, “I understand as I am a fan, clearly you want to win on the pitch. But we have been trying to look at this slightly differently, in that we want to make sure we ensure an infrastructure here to stand the test of time.”
He added “We could have easily spent more money on players. Who knows if that would have bought us more success or not. The right approach is to build from the bottom up. There is no quick fix to becoming a much more significant global club.”
It makes for interesting viewing as to how the Essex born businessman manages to steer the club out of potentially stormy waters ahead.