Some Tottenham Hotspur fans have been talking about the latest financial update involving their club.
The Athletic recently reported that Spurs have had to borrow £175 million from the Bank of England recently to ease some of the financial pressures that they’re facing as a result of the pandemic. This amount is payable in full at a rate of 0.5% and the report also confirmed that the club is expected to lose £200 million from the time when the pandemic struck till June 2021.
The report also said that the club will not have a transfer budget unless they sell players. This news about the budget was relayed on Twitter by Daily Hotspur recently and many Spurs fans reacted to it. They began talking about the implications of these developments.
“Will not have a transfer budget unless they sell players”
Nothing new then— Asymptomatic Army (@JordsThfc) June 4, 2020
Do you think Tottenham will have a transfer budget this summer?
Yes, we will
No, we won't
We’re a joke of a club … it’s actually sickening !
— Cos1882 (@CNK82) June 4, 2020
@oJaayCo I hope this is wrong, but what I was referring to
— Chris Santos (@c_santos) June 4, 2020
So we will have nothing this window?
— ? (@noTaiGaa) June 4, 2020
The article from The Athletic claimed that this amount has been borrowed by the club to give them ‘financial flexibility’ and working capital during the crisis. Spurs can do this, as they reportedly meet the criteria to qualify for a government scheme that provides an unsecured loan to businesses.
However, many other fans were interested in talking about how Tottenham are unlikely to be the only club to suffer in the transfer market because of the pandemic.
Are you aware there is a worldwide pandemic that is financially crippling most clubs?
— SessSZN? (@Swenty_) June 4, 2020
I’m sure this is true for most clubs
— Mark Siggers (@Siggs72) June 4, 2020
Many of these Spurs fans are pretty concerned about whether the club will have some money to spend in the transfer market or not. But truth be told, it has been reported in the past that Spurs would have to rely on signing free agents and making swap deals in the market because of the pandemic.
Meanwhile, it isn’t just Tottenham that might struggle financially. The pandemic is set to have a big impact on the finances in football. In that sense, it shouldn’t come as a surprise that Spurs might have to take external help in order to remain financially stable.