Spurs stadium loan rockets up to £500m

SPURS have been forced to extend their stadium loan to £500million to cover the rising costs of the delayed construction.

Senior sources close to the project have confirmed that the club have extended their line of credit by £100m. Spurs signed a £400m, five-year loan with Bank of America Merrill Lynch, Goldman Sachs and HSBC to finance the construction in May 2017.

Since then, however, work on the 61,500-capacity stadium has fallen behind schedule after being hit by delays caused by faulty

wiring affecting critical safety systems. It is understood the faults have still to be resolved. A Spurs spokesman would not comment on club finances, but said: ‘Every day sees progress in terms of the systems.’

However, a source close to the build said: ‘There are literally thousands of miles of wiring to cover, in order to find the faults. Some of the wiring has been built over.’

The delays have increased the likelihood that the stadium may not be ready to host matches until the spring — pushing up costs even further. It was due to be ready for the visit of Liverpool on September 15.

The additional loan facility would help the club cover any additional costs.

Chairman Daniel Levy admits costs have ‘definitely risen’, with the club due to give an update and a new opening date at the end of the month.

Speaking to a recent supporters’ trust meeting, Levy admitted that the delays were not just the fault of one contractor.

If Spurs were to draw the full £500m loan facility, it would give them the biggest debt of any club in Europe.