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I think you’re right Brian the majority of Clubs have limited funds to spend Spurs have borrowed £175m from the Government to see them through until next season which is a sign of how tough things are even for the top Clubs.
The money City have spent so far has broadly come from the Sane fee and Chelsea’s signings are a portion of the Hazard, Morata and Palasic fees nobody else has really spent anything
Broadly speaking money is tight due to Covid 19 and will continue to be so until it’s over.
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Chuky…Arsenal obviously have an accounting system that satisfies UEFA, maybe they can give City some tips!!!!!
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Told you before, Puppy, Spuds burrowed that money as it was at a ridiculously low interest rate (0.5%), they would have fools not too, not because they “needed” it.
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Not sure the Thiago rumours are true nine mate. We are well stocked in midfield unless winjildium leaves which I would hate to see. I’m really not sure we need Thiago if all the midfielders stay but he’s so good that do you just grab this opportunity while you can?
He’s not a usual fsg signing though. 29 in April and 30m? I really doubt it will happen
Thiago is a brilliant player. Tenacious in the tackle and a brilliant ball player but I absolutely love winjildium. Been an absolute steel fir us at 25m. Lungs of a horse , so strong on the ball and a real unsung hero. I hope he stays
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“Tottenham have taken out a £175million loan from the Bank of England under the government’s Covid-19 Corporate Financing Facility scheme, with the club estimating revenue losses of £200m due to the pandemic.
The club has utilised the government’s Covid Corporate Financing Facility (CCFF) scheme, available to select companies with the highest “investment grade” credit rating, which make significant contributions to the British economy.
Spurs insisted the loan, which is due to be repaid in April 2021 at 0.5 percent interest, “will not be used for player acquisitions” but said it would give the club “financial flexibility and additional working capital during these challenging times”.
Spurs spent an estimated £1.2billion on their new stadium, which opened last year, and they announced the refinancing of £525m worth of debut with two banks last September. Standard.
“Tottenham are understood to be one of a very small number of Premier League clubs who qualify for the CCFF initiative and have moved to secure their finances after projecting losses that could exceed £200m over the next year.
Spurs stated the money “will not be used for player acquisitions” and instead to ensure the club has “financial flexibility and additional working capital,” while also helping repay the debt on their new £1 billion stadium.
The venue was due to host two NFL matches, Anthony Joshua’s world heavyweight title fight against Kubrat Pulev and a series of concerts this summer, all of which have been cancelled as a result of government measures to tackle the spread of the coronavirus.
Tottenham chairman Daniel Levy, who in March was among the first prominent figures in football to warn of the coronavirus pandemic’s potential impact, said in a statement: “We have always run this club on a self-sustaining commercial basis. I said as early as March 18 that, in all my 20 years at the club, there have been many hurdles along the way but none of this magnitude — the COVID-19 pandemic has shown itself to be the most serious of them all.
“It is imperative that we now all work together — scientists, technologists, the government and the live-events sector — to find a safe way to bring spectators back to sport and entertainment venues. Collectively we have the ability to support the development of new technologies to make this possible and to once again experience the passion of fans at live events.”
Spurs have already announced a pro-rata refund for season-ticket holders, and as speculation persists that fans will not be allowed to attend games until the autumn at the earliest, the club is among the hardest hit given how important matchday revenue is to their financial planning.
They were forced to reverse a decision to furlough non-playing staff after attracting criticism for using the government scheme and there is no agreement with the first-team squad over a pay cut or deferral.
The only reduction has been taken by Levy himself and members of the board.
Last September, Spurs refinanced more than £600m of loans taken out on the stadium, converting approximately £525m into bonds, with sources telling ESPN a sum of around £25m was ring-fenced for transfers.
Prior to the coronavirus pandemic, Spurs recorded the highest pre-tax profit of any Premier League club for last season, totaling £87.4m — a figure achieved by reaching the Champions League final without adding to their first-team squad.” ESPN
Chucky, why would Levy who is notoriously tight with money borrow £175m which will cost Spurs £875,000 when they repay it in April 2021 borrow it if they didn’t need it and not needing it is not consistent with the reports above or indeed what Levy has said himself.
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Yes you’re probably correct Sean and it looks like Liverpool will stick to squad re-enforcement rather than top signings.
Thiago is such a good player though and would fit in really well at Liverpool imo but the explanation re Werner suggests there won’t be any expensive signings this Summer.
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Chucky, why would Levy who is notoriously tight with money borrow £175m which will cost Spurs £875,000 when they repay it in April 2021 borrow it if they didn’t need it and not needing it is not consistent with the reports above or indeed what Levy has said himself.
Puppy, 875k for 175m of “play” money is the deal of the century mate, I can absolutely 100% guarantee you anybody with half a brain, even Buffy for that matter, is going to make (or save!) a lot more than 875k with 175m to play with when comes to servicing debts, money markets etc… and I wouldn’t pay too much attention to the “projected” losses or the newly increased 1,2 billion cost (swear that stadium gets more expensive every week! It’ll be 1,5 by Christmas!). You ask anybody who works in finance what a stupidly generous deal Boris the Doris gave up. As I said, Levy would have been an idiot to go to for the max that was offered.
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Chucky, Spurs borrowed the money because of the Corona virus and the lost revenues due to it not only the football but boxing, concerts, NFL etc etc and all the reports and even Levy’s own comments confirm that “I said as early as March 18 that, in all my 20 years at the club, there have been many hurdles along the way but none of this magnitude — the COVID-19 pandemic has shown itself to be the most serious of them all.”
There will be terms related to the Government loan and nobody will be allowed to speculate using the loan. It has been provided to manage businesses under pressure over the 12 months to April given the loss of revenues and the costs of the loan on the Stadium.
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Of course there is Puppy, but rules are rules, and we all know how they can be “twisted”… Danny may get 175,000,000 and he might have to pay back 175,875,000 but I’m pretty sure they’ll be some extra 50ps for the meter tucked away by the end of it.
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Sir Harry not joining City?
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Maverick…I hope these rumours are just that…rumours. Kane to City. We score more than 100 goals a season..why do we need him?
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Double B
You may need him as Sergio is increasingly more injured and likely doesn’t have much longer at the top
He is the biggest miss and hardest to replace, a wonderful player and highly underrated in the PL imho
As Barca are showing you need to constantly evolve and keep a firm eye on the future._____________________________
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I can’t see Kane going anywhere this Summer even if he wanted to and Spurs wanted to sell him and I don’t think he or they do nobody could afford to buy him in this current situation anyway.
Next Summer though if he still hasn’t won anything at Spurs Kane will definitely have a decision to make he’ll be 28 then and time is against him although it will still rest on the finance in football.
Anyway I think Spurs have a real chance of winning the EL next season and that may be enough to encourage him to stay put at Spurs.
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9s-Kane’s ambition is to win the EL?????
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Mav, I doubt it mate but it is a trophy and a European trophy too.
Paul Merson is advising United to forget Sancho and go for Kane this Summer.? But I really can’t see that happening.
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Is it time for Messi to leave Barcelona?
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Stevo….Augerro has always been one of my favourites but we can score without him, in some ways we do not need a CF in traditional way but admit the reason he scores more goals than anybody is that he is clinical in his finishing, something Sterling, Jesus Mahrez as good as they are d o not have that ability. Sterling as an example should be at least 15 goals better off than he is now if he was clinical but any City fan will tell you, he is also exasperating in not finishing the easiest of chances, Augerro has the ability and skill to score from many angles also
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Mikus….I have no respect for anything Linaker says. The only person who will say it is time to go/stay is Messi. I also have a feeling that Messi has built his life style in Barcelona, in and outside football and I would be surprised if that changes. Barca stock has dropped considerably and nothing less than a major change top to bottom is required. Anybody going there be it player or management will be faced with a tough task for some time ahead.
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Steve. You are right about the descriptive word. “evolve”. that is what clubs need to do and that means breaking and changing winning teams as well because we know players get older, injuries start kicking in, players look at other clubs etc etc it is now, with all the matches to be played, a constantly changing system. It appears like yesterdaywhen I was watching Joe Hart in goal, Tevez with his work ethic and you thunk , at the time, this is it and it will go for evermore. It does not and I have seen and watched so many transformations at City
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999,”Paul Merson is advising United to forget Sancho and go for Kane this Summer.? But I really can’t see that happening.”
Nor do I, that’s Merson stirring things nothing more than that,so I suggest Aubameyang to United, seems like a good fit to me and probably easier to prise away.
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