Tottenham urged to be very cautious in transfer market by Damien Comolli
Former Tottenham Hotspur director Damien Comolli has urged the club to operate very cautiously in the transfer market due to the impact of coronavirus (h/t Evening Standard).
The coronavirus pandemic has brought the world to a standstill. The deadly virus has forced suspension and indefinite postponement of all footballing activities in the UK.
This has caused financial difficulties to clubs, as all revenue streams have been affected. The situation had forced Tottenham chairman Daniel Levy to furlough some of the non-playing staff. Although the decision was reversed after huge backlash from fans and former players.
But the club has now been urged by former director Comolli to tread very carefully in the transfer market due to the financial situation (Sky Sports h/t Evening Standard).
“If they are not doing well in the league, if the transfer market is tough for them and they are not qualified for the Champions League, people have to understand that they have to be very cautious.”
Comolli further stated that the club are in huge debt due to our £1.2billion stadium. And while the stadium is a great asset, the debt still needs to be paid off, which might cause complications for the club in the transfer market (h/t Evening Standard).
According to the club’s most recent financial accounts, the net debt stands at £534m – an increase of £174m from 2018 (h/t Evening Standard).
“That virus will create a situation for them because they have this huge debt. It is a ‘healthy debt’ because they have built the stadium and have an incredible asset. But they still have to pay for it.”
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The situation is far from ideal at the moment and could further worsen. So, it will be interesting to see how all clubs, including ours, go about business in the transfer window.
