Tottenham forced to borrow £175m amid massive COVID-19-linked losses

Jose Mourinho

As confirmed by a host of reliable sources, Premier League giants Tottenham have today borrowed £175 million from the Bank of England, to cover the club’s losses during the coronavirus pandemic.

Football hit hard

The COVID-19 outbreak has of course been headline news worldwide for several months now.

As of this evening, over 6.6 million people have tested positive for the virus across the globe, with the death toll creeping towards 400,000.

The scale of the outbreak has inevitably also had major ramifications on the sporting world, with football having been hit particularly hard.

In Europe, all of the top-5 leagues, along with the Champions League and Europa League, were postponed as of the middle of March.

International football has also taken a major hit, with both Euro 2020 and the Copa America, which had been scheduled to take place this summer, having been pushed back until next year.

Spurs seek aid

Such measures, meanwhile, despite the steps towards an imminent return to action in most countries, spell major trouble for the financial wellbeing of clubs across the globe.

Missing out on matchday revenue is likely to prove crippling for sides even at the very top of the game, with a loss of income from broadcast revenue also a possibility, if the season’s remaining fixtures are not played out as planned.

Liverpool and Juventus are just two of the European heavyweights expected to be hit hard, with a quiet summer on the transfer front looking likely for both clubs.

And, as outlined above, the latest outfit to have seen their predicted financial struggles brought on by the coronavirus laid bare for all to see are Premier League giants Tottenham.

As confirmed by a number of outlets, the north Londoners have today been forced into borrowing a massive £175 million.

The loan comes courtesy of the Bank of England, following a worrying forecast regarding the club’s imminent financial wellbeing.

As a result of the COVID-19 crisis, Spurs are expected to lose out on a staggering £200 million of revenue, up to June 2021.

This comes with not only the club’s fixtures set to be played out behind closed doors, but also ‘a host of other sporting and non-sporting live events lined up for this year’ having now been cancelled.

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This article was edited by Josh Barker.