The Daily Mail reports that Tottenham have extended their stadium loan to £500million to cover the rising costs of the construction.
The report adds that senior sources have claimed the club has extended their line of credit by £100m. Tottenham had signed a £400m, five-year loan with the Bank of America Merrill Lynch, HSBC and Goldman Sachs, to finance the construction of the venue.
The stadium has been hit with multiple delays and was expected to open on 15 September against Liverpool.
The report even claims that the stadium would not be ready until the spring, which would push the costs even higher.
A source was quoted by the Daily Mail as saying:
“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 report further adds that if Tottenham were to take up the entire £500million loan facility, it would give Spurs the biggest debt of any club in Europe.
Currently, Manchester United have the highest net debt at £487m, according to this year’s UEFA Club Licensing Benchmarking Report (h/t Daily Mail).
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Tottenham have played their home games at Wembley this season in the Premier League and Champions League. The club even hosted their Carabao Cup clash against Watford at Stadium MK due to Wembley’s unavailability.
