Tottenham have borrowed £175m from the Bank of England to ease financial pressure amid the COVID-19 crisis, via The Athletic.
According to David Ornstein, Spurs have been forced to borrow the huge sum as the coronavirus pandemic has cost them severely. Indeed, the club fear they could lose more than £200m in terms of revenue as they face the prospect of paying for their new stadium whilst games are played behind closed doors (Daily Mail).
Spurs recently confirmed that they have qualified for the government’s Covid Corporate Financing Facility, often referred to as ‘CCFF’. The Lilywhites have been given an unsecured loan which will be fully repayable at a 0.5% interest rate. Moreover, Jose Mourinho will be unable to use the money to fund his squad overhaul in the summer.
It is also worth mentioning the fact that Tottenham’s billionaire owner Daniel Levy is currently listed as the 427th richest man in the world, with a personal fortune worth £3.9bn, according to football.london. Supporters will have to wait and see if this latest gamble will pay off in the future.
Unsurprisingly, many Spurs fans are still unconvinced and they slammed “Don Levy” on social media, with one fan tweeting that the news is “embarrassing” and another gloomily adding “our club is a joke”.
Scroll through some of the scathing reactions so far…
— Nicklas Dauer (@DauerNicklas) June 4, 2020
Our club is a joke
— KingOfTheCastle (@KingOfTheCast23) June 4, 2020
Why did they do that when uncle Joe could of just put his hand in his pocket ? It’s not like they are going to spend any money on players
— Andy THFC (@AndyTHFC14) June 4, 2020
Even if they made 200million we wouldn’t have money for new players
— glen austin (@glenaustin39) June 4, 2020
You wouldn’t believe the owner is a billionaire would you
— Nodig (@Nodig1980) June 4, 2020
Tottenham fans, do you think Daniel Levy has made the right decision in this case? Let us know by commenting below!
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