Spurs make cut backs on £800m stadium project

When news broke recently that the cost of Tottenham Hotspur’s new stadium had sky rocketed to £800m, everyone in the red side of North London laughed.

The costs had more than doubled from the £400m first quoted seven years ago.

Arsenal struggled with the financing of their stadium, and it gave Arsenal a rough 10 years where we were having to sell to cover stadium debts. Sponsorship deals were front loaded to pay off debt, leaving us short at the back end of the deals. It was hard work, but Arsenal got through.

Spurs were always going to struggle more. A lack of regular Champions League football and them simply being a smaller global club than Arsenal means that their turnover was already fair below what Arsenal’s was in the early 00s (relatively speaking). The Spurs project at £400m was already a tougher financial task to make ends meet. No matter how many NFL games, cheese rooms, boxes and extra seats they had. When this price doubled, I imagine, Levy, Enic et al got an itchy arsehole.

And now the cut backs have begun,

Plans for a hotel as part of its new stadium development was recently put on hold due to it being “unviable”.

The proposed building on the corner of Tottenham High Road and Park Lane, which includes a 180-room four-star hotel, a basement car park, pool, gym and serviced apartments, will cost £67.8m to build, according to planning documents submitted to Haringey Council by the club last month.

A new financial appraisal revealed “a worsened overall scheme viability, largely due to construction cost inflation and the impacts of Brexit”, according to the club.

The club have said it “remained committed to building [the hotel] as soon as practicable” and described it as a ”key place-making component” of the overall scheme.

A letter from the club’ head of planning Richard Serra to Haringey Council said: “Hotel construction cannot commence… until after the completion of the new stadium, by which time the viability of the hotel may have improved.”

The hotel element of the complex, which covers 167,000 sq ft, will cost £31.8m to build, while the 49 serviced apartments on the upper floors will have a total build cost of £16.8m.

The serviced apartments have been redesigned from the original planning application submitted in 2015, with balconies and oversized units added, while residents will also have access to the hotel’s 3,230 sq ft roof terrace, as well as gym facilities, as part of the amendments.

The rooftop restaurant (£1.6m), and the health centre fit-out and swimming pool (£1.6m), make up the remaining costs of the hotel building.

The football club added that new ramp access into the stadium basement car park from Park Lane has resulted in a “significant increase in the cost of the construction of the basement beneath the proposed hotel”.

Earlier this week, the club received planning permission from Haringey Council to add extra seats at the stadium, with the £800m development now set to hold 61,559.

In recent weeks, Spurs have also done a deal to rent Wembley. With talk already about having to spend 2 years at the national stadium, costs will continue to rise.

How many players will they have to sell this summer just to finance the ongoing costs?

Keenos

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50 thoughts on “Spurs make cut backs on £800m stadium project

  1. Dave

    Desperate. Sad and desperate. Why are we reporting on the spuds? I just feel as if the tables have completely turned and now we are becoming obsessed with them!

    That’s the one thing I’ve always had in my locker when the yids try and give it, losing that too now…

    Reply
    1. Watchm

      Sad twatt doesn’t matter what the cost and who wrote this shit.all that matters is that spurs are heading upwards and the scum are going the other way.simples.

      Reply
  2. Park Lane Tottenham

    According to various media reports, we are going to sell all our players this summer. That way, you might stand half a chance of finishing above us next season, even with Wenger as your manager.

    Reply
      1. deadwing

        Unfortunately it’s a matter of time. They have built a stable base over time. We haven’t built a decent team around our top signings. We have been painting over cracks.

      2. keenosafc Post author

        A stable bass overtime that is now 56 years without a league title, 26 years without an FA Cup and 10 years without a trophy. Give me our painted cracks and 2 FA Cups in 3 years over that anytime!

      3. deadwing

        Fair enough. Although I have been saying for the last few seasons that we are heading backwards. Too many fans had their heads buried in the sand.

      4. next bus to woolwich!

        Even this article mentions “arses” you guys really are obsessed aren’t you? What is it with woolwich boys and arses? Anally fixated. A psychologist would have a field day with you lot;)

  3. Sunshine

    AFC sold their players because their tax evasion (sorry, avoidance) scam was found out.
    Much of the earlier success was down to being able to keep players thanks to the scam.
    As soon as the scam was stopped, the players left and AFC stopped winning silverware.
    Blame the stadium all you want so you don’t have to admit AFC cheated all those years.
    Wenger’s subsequent complaints about the financial doping of other clubs is incredibly hypocritical, but then that fits with the nature of the man.

    Reply
  4. Aitch

    We are now in a completely different financial landscape to when Arsenal moved to the Emirates. Firstly, there’s the huge pay outs coming from the TV deal, which will go a long way in easing the pain of the build costs. Then there’s the long term contracts our players are tied to meaning we won’t see additional expenditure to cover wage rises. Yes, they’ll be players leaving but they’ll be others coming in so again not a huge additional cost. Lastly there’s the revenue, The Emirates revenue is mainly from match day attendances and hiring out parts of the stadium for corporate events. Whilst Spurs also have the 2 x NFL games a year plus the concerts and exhibitions being planned on the roll in artificial pitch so not damaging the playing surface. All in all we are in a much better place, both on and off the pitch.

    Reply
      1. Alan

        HAHAHAHAHA – how desperate is this blog?

        Appears more often in Spurs’ newsnow than a spurs blog.

        800m was a figure Levy circulated when he wanted Haringey Council to honour their commitments to area. Since then, he has signed off on the move after getting the assurances he wanted, we WILL be in that stadium in a year’s time and he has back tracked on the 800m cost.

        If you’re going to be so obsessed with spurs, at least do the right research. But honestly, consider how pathetic you look by posting constant spurs related articles when we’re supposed to be ‘in your shadow’.

        Mind the gap, Ginge.

      2. Mark

        Do some research rather than asking questions you do not know the answer to. You are right 2 NFL games won’t fund the stadium. Thank goodness they’ll be League games, cup games, European games, internationals, other sporting events, loads of concerts and events. No idea who you are and where you are based but your knowledge of football is zero. And why oh why do you keep writing about Tottenham? Will players be sold to fund the stadium? No because the stadium funding is ring fenced. Will players be sold? Probably because that’s the nature of football. Will a player Tottenham want to keep be sold? Possibly but it will be for a ridiculously inflated fee due to the length of the contract. Tottenham’s stadium is going to be bigger and much better than Arsenal’s – get over it. You are now embarrassing Arsenal fans. This is a truly awful blog. Give it up and concentrate on your school work.

      3. keenosafc Post author

        Everything you mention, bar the NFL (which will raise less than £1m a game), Arsenal have also done over the years, and still struggled.

      4. Mark

        You even know nothing about the team you pretend to support. Arsenal have not struggled. They,are stick piling money as the American owners couldn’t care less about football. Yanks play soccer – they don’t get football and they don’t get fans. Arsenal have been raking in money at the new stadium but they don’t spend it. How many concerts do Arsenal have every year? How many internationals? The NFL will raise £1m a game? When you have had your tea and finished your homework have a little think about the extras that might come from the NFL. Do you really think Tottenham are building a stadium with retractable pitch for £2m a year. Everyone of your blogs and comments are idiotic but really. Stop writing about Tottenham desperately looking for an angle that doesn’t exist. Stop writing about Arsenal because you are an embarrassment. Go to a game FFS

  5. Aitch

    It’s £800Mn for the total development of which the stadium is around 450 – 500Mn. You’re right, 2 NFL games a year will hardly make a dent, but that looks like a precursor to a franchise taking up residence which will obviously help. Then as I mentioned before we have the capability and desire to hold concerts generating yet more revenue. We can chip at each other all day over this but the proof of the pudding will be in 5 years time when we all these possibilities have come to fruition or not. Personally I believe we’re going to be in a much better position than you were, but ultimately it’s just my opinion.

    Reply
      1. Mark

        Pathetic and desperate and very very embarrassing. Keep it coming you are a hilarious loser

  6. Frank

    where is this information coming from? seems like a very desperate dig at Spurs.
    for your information most of the funding for the stadium was in place before any land was even excavated Joe lewis removed Spurs registry under Enic and transferred it over to his Cayman island registered business the Tavistock company which in that year same month received a £500M investment from the Qatari family the same ones who own PSG. There is a lot more info on this but im not writing all this down in a comments section. Anyways in future dont let a Arsenal tinted glasses wearing fool write about Spurs.

    Reply
    1. simon kemp

      Hi..Spurs fan here. I would be really interested in more information on this if you can. Pure curiosity. Have the Qatari family bought a stake in Spurs? My email is skempy32@gmail.com. I hope to hear from you soon!

      Reply
      1. Frank

        Not in spurs directly they wouldn’t be aloud to as they own PSG but they have invested into the holding company of Spurs which is the Tavistock company which builds luxury housing developments in and around florida and the Caribbean. You can actually find this info online if you to some searching.

  7. And_Arsene_Said...

    Cut back on the Trophy Room. Broom cupboard is all you need/will be needing for the foreseeable future. I see the headline:-
    Plans for a trophy room as part of its new stadium development was recently put on hold due to it being “unviable”.

    Reply
    1. Anon

      No it’s full of dvd’s about Arsenal’ inability to win a match at the Lane. You small time nobend

      Reply
      1. Anon

        Living in the past still. Your stupid shadow is caste ithe other way this time, now in the present. Did I say small time I meant miniscule.

      2. Mark

        Who gives a toss about the past? City fans? Chelsea? They are laughing at idiots like you. You have found the records so that you can prove what exactly? Live in the present FFS. All you tragic blogs are desperately trying to persuade non-existent Arsenal readers that Arsenal still mean something. They are further away from winning the league than they have been for years. The don’t bother to compete in the CL and they haven’t beaten Tottenham for 3 years but heh they were brilliant in the 30s. Keep it coming boy

      3. And_Arsene_Said...

        Hey @ Anob, dvd’s of minor achievements is all that will go into that trophy broom cupboard. Did you know, ‘Pochettin’ as in the Sp*ur’s managers name means “Trophy” in Spanish. The ‘0’ is only added for the number of trophies won.

  8. Brian Durkan

    Only one, Kyle Walker for around £35m, the others will stay, the squad will be strengthened to cope with another CL adventure, mind the gap in your own finances Arsenal, i know which club is going in the right direction COYS

    Reply
  9. Fam and blud

    Oh I’m gutted that I won’t be able to stay in a hotel and have the use of it’s gym before matches. How will I cope?
    Worry about your shite outfit my friend and keeping Alexis or whatever you call her.

    Reply
  10. sidyid

    No player sales unless Levy and Pochetino think it’s in the best interests of the team…far far better run club than Arsenal and better academy.

    Reply
  11. Ray

    It’s always a pleasure to read articles written by the envious, never fails to make me laugh hahahaha.

    Reply
  12. Mind the chasm

    Hahaha. So no cutbacks on The actual stadium and stadium facilities? Like we as fans give a fuck about not having a hotel tacked onto the side.

    Btw. levy stated in a Q&A with Spurs supporters trust this week that he will be announcing financing details imminently as this has now been finalised.

    You sad desperate nomad. Can’t discredit our superior team and now trying to discredit what will be the best football arena in Europe bar none. Keep obsessing. I love reading your your desperate need to think this project that Levy and Poch are building will fail. Hahha

    Reply
  13. Billy

    For a set of fans that claim not to care about Spurs, you’ve certainly done your homework! Look we are where we are with. Minimal net Spend 2/300 million less than some! That money is somewhere, and yes laughter at the cheese room etc.. but that NFL tie up is more significant than you think!

    Reply
    1. keenosafc Post author

      That ‘net spend’ has already been spent servicing other debts – mainly wages and paying some of the stadium. read your own accounts, there is not a big pot of cash hidden away. TOTTENHAM HOTSPUR LIMITED showed cash of £10.7m in their last accounts.

      The NFL would be something that would worry me. If the boards plan to finance the stadium is to attract external income, it is a very poor business model. What happens if that external income does not materialise?

      Reply
      1. Stephen

        Does this guy realise that from this season every Premier League club will have an extra 50m to spend due to the new TV deal? Tottenham’s stadium cost is around 450m, you say you read the figures but you’re not saying that Tottenham has already shelled out around 100-110m on the stadium build already which accounts to why the books always come out at zero the past few years. On top, you have the 50m spend on the training facility. So Tottenham has spent the 150 odd million and still finishing in the Champions League places and most don’t even know that money has been spent. lol, Which takes us onto the new TV money, in 2015/16 season Tottenham picked up 95m for finishing 3rd, this year the projection is 145m for finishing 2nd. This extra 50m, plus the increased income from ticket sales, where the corporate sales are selling at more than what Arsenal charge, and the fact that naming rights will bring in another large sum, believed to be 150m minimum upfront, this is where the NFL deal greatly gives a huge advantage, yeah 2 matches, but which company would not want to be associated with both the EPL and the NFL markets huh! So straight off the bat, Tottenham will have 200m plus matchday income to pay the remaining stadium money. which is 450m-100m.. 350m. So my maths say 150m left to pay. 50m extra a season and matchday income, which if brought into line with Arse would raise an extra 60m a season. Matchday income in the 2014-15 season has Arsenal at 100m whilst Tottenham only on 41m. Boom lol Tottenham could have the whole stadium paid for within 5 years if it wanted too. I haven’t even gone into the profits from building 579 new homes! Can I suggest that the author in future refrains from writing death knell type articles because all you need to know is what is on this link, that the clock is ticking and Tottenham are getting bigger, stronger and more powerful every day. http://new-stadium.tottenhamhotspur.com/interact/

      2. keenosafc Post author

        All you talk about is income, not expenditure. the majority of the new TV money will not go to the stadium. Like every other year TV money increases, the chairman will get a knock on the door from agents demanding more money for their players. Other clubs will be paying more money, so they will have to. That extra 50m wont go to the stadium but to players. so lets remove that

        As for the naming rights, like Arsenal it will be paid upfront. Whilst this is good for the first couple of years, it will leave the club short for at least the 2nd half of the deal. The club will have to continue to sell to make this up. Also I believe your £150m is a massive exaggeration.

        Finally the NFL deal. I find it laughable that Spurs fans are so excited to be in bed with the NFL. But I guess that sums up modern football.

        Finally, finally, reading through your post, you believe Spurs will have paid off in 5 years. that is laughable. I would suggest you stay in school!!!

        Finally, finally, finally, rather than your make believe accountancy, I have just looked at the accounts of TOTTENHAM HOTSPUR LIMITED:

        Assets: £57.8M
        Liabilities: £172.3M

        So you owe £114.5m more than what you own or are owed.

        Now tell me again about this well run business

  14. Stephen

    lol Those liabilities are the loan they took out for the first part of the construction. They have since just gained the second financing deal this past month and that figure should rise. What is so strange about having liabilities when building a stadium.

    I notice you didn’t mention the extra 60m income Tottenham will get from matchday income each season.. why is that. That’s an extra income of 300m over the 5 years I was speaking about. So yeah if you want to take the 50m away for improving the team and keeping up although a lot of players are being promoted from the academy then you can do so. But remember we have as I said spent some 150m on the stadium and training facility this past 4/5 years, what will that same money be spent on in the next few years.

    You seem to be equating the build of Tottenham with Arsenal’s when there was not 100m TV deal and basically is lightyears away financially, why is Everton also building!.

    The tie in with NFL is a great thing for the club if you cannot see the commercial benefits of such a connection then I suggest you move on from writing blogs, you as yet have not said why it’s such a bad thing other than being the stupid know it all internet troll that spends their time talking about other teams other than their own… modern football yeah, says the team’s stadium named after a UAE airline and who’s club are owned by some American and a Russian that no one ever see’s and a team full of foreigners that has contributed to the England team less than Bolton Wanderers

    Naming rights are something that is totally up in the air as no one knows what is happening, although current press has Daniel Levy chasing 25m a year, so my 15m was IMO a conservative estimate, and even then the 150m I was thinking was over 20 years at 7.5 a year which is more than reasonable considering the new LA stadium being built by your owner wants $30m a year naming rights deal for an NFL stadium. (announced this week). NFL stadium get more in naming rights… did the light bulb go on!

    Lastly, I said they could if they wanted to have the stadium paid off in 5 years, but I don’t think they will want to when you can do it over 10 years and pile more into the team and infrastructure of the club.

    Enjoy the Europa, and mind the gap.

    Reply
    1. keenosafc Post author

      “NFL stadium get more in naming rights” – but you keep forgetting, you are not building an NFL stadium. You are building a football stadium that will host TWO NFL games a year.

      Reply
  15. Johnno

    Come on mate, give the stinking Yids some credit. They will soon have one of the best NFL stadiums in the competition. Even their name sounds a bit NFL-ish when you think about it, I`m sure the Hotspurs of Tottingham will continue to grow as a franchise even if it does make them look Mickey Mouse over here. Maybe Mickey could be their new mascot. Ive never really respected the stinking Yids but at least they used to be a football club, whats happening now is fucking hilarious.

    Reply
    1. keenosafc Post author

      I do find the whole situation hilarious. Spurs fans boasting about deals with the NFL and how many extra tourists they will have at games filling seats

      Reply

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