Spurs take out £75m loan

[JollyHappy]

Has anyone else noticed from the interim report that the club took out a £75m loan secured on "freeholds and leaseholds" repayble over 6 years and have drawn down £11.25m so far.

A huge amount for an unspecified use.

Anyone heard anything else about it?

 

[si_yidarmy]

must be to do with the surrounding buildings.... then again £75 mill seems alot for a few chip shops and ghetto meeting hotspots

 

[Dan Ashcroft]

Has anyone else noticed from the interim report that the club took aout a £75m loan secured on "freeholds and leaseholds" repayble over 6 years and have drawn down £11.25m so far.

A huge amount for an unspecified use.

Anyone heard anything else about it?

No but with the stadium plans being published in a few weeks it could be that work will be beginning sooner that expected? If so that would indicate Wingate rather than on the current site (as we are committed to playing at WHL next season).

 

[C0YS]

Its prob, all going into the stadium I would think!, or it means we are in for a transfer frenzy but that would be just stupid

 

[buttons]

Probably like a re-mortgage on the property assets we own? Maybe to buy more land to develop stadium or something!

Or......it'll cover Ronaldinho's wages for a month

 

[si_yidarmy]

what about the new academy thing? I know we are a wealthy team so it could be a bit of extra cash. Joe Lewis n all that.

 

[PT]

Money up front secured against assets and paid back over six years. Or ten million annually - ish. So what is the 75mill for? Stadium improvements? Has to be asset based - can't see us borrowing to spunk away on playing staff....unless Villa is on his way!!!

 

[si_yidarmy]

btw Jolly happy, nice bit of research. Didnt have a clue about this. Well done!

 

[Jody]

My source tells me it is Jol's severance package.

 

[si_yidarmy]

again with the Jol jokes! Getting old!

 

[JollyHappy]

By the way the Interim Report says the loan was taken out on 1 October 2007 (which I meant to say - also repayable over 10 years not 6) and so even more strange that it had not been reported anywhere before.

 

[DC_Boy]

good info JH from memory (so may be wrong) we paidout £2m as an option on Wingate Estate not so long ago

 

[Jody]

again with the Jol jokes! Getting old!

Yours was a joke about Jol? :grin:

 

[fazza]

Its to pay for Eto'o and Ronaldinho's wage demands!! :grin:

 

[Real_madyidd]

It was reported ages ago. It is for the new training facilities and the funds have been "ring fenced" so that they will not interfere with investment in the first team, the stadium or anything else. It is all in the accounts.

One part that may be of interest is:

At 30 June 2007, the Company had the following direct interests in the subsidiary undertakings noted below, all of which are
registered and operate in England and Wales:


Tottenham Hotspur Football & Athletic Co. Limited – professional football club Ordinary 100%

White Hart Lane Stadium Limited – provision of football entertainment Ordinary 100%

Tottenham Hotspur Finance Company Limited – issuer of loan notes Ordinary 100%

Paxton Road Limited – holds certain properties on behalf of the Group Ordinary 100%

Stardare Limited – holds certain properties on behalf of the Group Ordinary 100%

Star Furnishing Company Limited – holds certain properties on behalf of the Group Ordinary 100%

Yes, that is correct. We issue loans to ourselves for tax purposes. Nice!

 

[Trebmint]

As I recall this 75m loan was arranged in 2002, to be used as and when only for the academy and stadium. Its just that it's taken 5 years to get to the point where we have any new infrastructure to build.

 

[HotspurSam]

This was reported on ages ago by the club. The loan was put in place, but not taken up, when the new Academy was first sought at Abridge. The loan was then taken up by the club in 2007 when it looked/looks like the Middleton House option was going to succeed. Mainly to be used for, but not exclusively, the ne Academy

 

[chrissivad]

Has anyone else noticed from the interim report that the club took out a £75m loan secured on "freeholds and leaseholds" repayble over 6 years and have drawn down £11.25m so far.

A huge amount for an unspecified use.

Anyone heard anything else about it?

are you sure its over 6 years?

the one i have says it will be payed back over 10 years in 6-monthly instalments.

 

[Tickers]

are you sure its over 6 years?

the one i have says it will be payed back over 10 years in 6-monthly instalments.

He corrected himself later...

By the way the Interim Report says the loan was taken out on 1 October 2007 (which I meant to say - also repayable over 10 years not 6) and so even more strange that it had not been reported anywhere before.

 

[SpurSince57]

So can I get one?