Tottenham Set to Take Out New £237m Loan as New Stadium Problems Continue to Mount

Tottenham are set to take out a new £237m loan as the costs of their new stadium continue to spiral. Spurs released a statement on Friday night revealing the

Tottenham are set to take out a new £237m loan as the costs of their new stadium continue to spiral.

Spurs released a statement on Friday night revealing the extension of their 'development facility' with their three banking partners, and confirming that the new stadium would not be ready to host Premier League football until 2019.

The club also revealed a net debt of £366m, which will now rise above £600m with the addition of this new loan, The Independent report.

Club Statement: New Stadium and Financial Update.

— Tottenham Hotspur (@SpursOfficial) October 26, 2018

In May 2017, Tottenham had announced a £400m five-year arrangement with Bank of America Merrill Lynch, Goldman Sachs and HSBC. 

But Friday's statement confirmed that the facility will come in way above budget at 'up to £637m' - an increase of 59% on the initial £400m.

The extra money will be used to cover any cash-flow issues which might arise as Tottenham aim to complete the construction of the new stadium, which is now scheduled to open nearly four months later than originally planned.

Spurs had hoped to move into the new ground for their second home match of the season against Liverpool on September 15. They had also agreed to stage an NFL match on October 14 but that had to be switched to Wembley.

David Goddard/GettyImages

These delays have led to some bizarre circumstances, such as Tottenham playing their third round Carabao Cup tie against Watford 50 miles away in Milton Keynes.

Their Premier League match against Manchester City on Monday was played at Wembley one day after an NFL match, resulting in a terrible playing surface with the NFL logo still emblazoned in the centre. Tottenham's aim is now that their first match at the new stadium will be against Manchester United on January 13.