Spurs subsidised loan raises eyebrows

Spurs have secured a £175m subsidised loan from the Bank of England to aid them during the current health crisis.

Spurs estimate they could lose £200m playing behind-closed-door matches at their 62,303-capacity  new stadium, with other scheduled events cancelled such as concerts and American football also cancelled.

The North London club applied for the Government-backed Corporate Financing Facility, repayable with a low 0.5% interest rate.

Spurs came into heavy criticism when they initially announced their desire to furlough non-playing staff on the Government scheme later reversing the decision after a supporter backlash.

Spurs have become the first Premier League club to take out a low-interest loan from the Bank of England but depending on the supporter response they may not be the last.

West Ham could post losses as high as £80m this season but would not qualify to take advantage of these cheap Bank of England loans on offer.

The loans are open tyo companies that make a material contribution to the UK economy are able to participate in the facility.

In practice, firms that meet this requirement would normally be: UK incorporated companies with a genuine business in the UK; companies with significant employment in the UK; firms with their headquarters in the UK.  The facility is open to firms that can demonstrate they were in sound financial health prior to the health crisis.