Tottenham secure £175m loan from Bank of England to help them through coronavirus crisis
Tottenham are set to receive a £175m loan from the Bank of England to help them through the coronavirus crisis.
No elite football matches have been played in England since March, leaving clubs in difficult situations as they attempt to balance their books.
And while the announcement that the Premier League will return on June 17 will be a welcome one for many teams, clubs are still set to miss out on gate revenue as fixtures go ahead behind closed doors.
Spurs are eligible for a COVID Corporate Financing Facility which is repayable with a 0.5 per cent interest rate.
Speaking about the decision to take a loan from the BofE, chairman Daniel Levy said: "We have always run this club on a self-sustaining commercial basis.
"I said as early as 18 March that, in all my 20 years at the club, there have been many hurdles along the way but none of this magnitude - the COVID-19 pandemic has shown itself to be the most serious of them all.
"It is imperative that we now all work together - scientists, technologists, the government and the live events sector - to find a safe way to bring spectators back to sport and entertainment venues.
"Collectively we have the ability to support the development of new technologies to make this possible and to once again experience the passion of fans at live events."
Spurs will return to action for the first time in more than three months on the weekend beginning June 19.
The team currently sit eighth in the Premier League table, seven points off a Champions League qualification place with nine games remaining.
Jose Mourinho’s side have already been eliminated from this year’s Champions League and FA Cup.