December 5 – Tottenham Hotspur have said that the construction costs for the club’s new stadium on the site of the old White Hart Lane ground are still forecast come in between £750 million and £800 million, and not hit the £1 billion cost reported.
The new 61,500 capacity stadium is expected to stay within the club’s internal forecasts for the construction, according to a club source, and in line with previously stated cost forecasts.
Originally budgeted to cost £400 million, in June Spurs agreed a £400 million five-year bank loan provided by Bank of America Merrill Lynch, Goldman Sachs and HSBC Bank. Spurs have already spent £340 million from their own resources “on the acquisition of land, the planning process (including a compulsory purchase order and legal challenges),” said a club statement at the time.
The new £400 million loan replaced a £200 million interim financing facility from the same banks of which £100 million has been drawn down.
The stadium will be the second most expensive football stadium to be built in the UK after Wembley, though could well be beaten in cost by the new Chelsea stadium currently working through the design and planning stages.
Chelsea’s new stadium, like Spurs’, involves a levelling of the existing Stamford Bridge ground and a complete rebuild. Costs have been estimated at £400-450 million, but could rise as high as £800 million due to complexities in the build on what is compact land footprint, and local infrastructure requirements.
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