Clever businessman, that Daniel Levy… but
To Dare is to Do, Daniel!
Kieran Maguire, a football finance expert, has said that Tottenham made the right decision by deferring payment on the loan they took out from the Bank of England.
For those that don’t know, Daniel Levy and the board secured a £175 million loan from the BoE last summer. This was to help the club to steer through the financial crisis caused by the pandemic.
Like all clubs, we were hit by the financial downturn because we rely on matchday revenue for our substantial loan repayment on the stadium. Because of the pandemic and no fans in the stadium, we are projected to lose £200m because of the drop in revenue which is why the club decided to apply for a COVID Corporate Financing Facility, which will allow the club to repay the loan with just a 0.5% interest rate.
The Daily Mail stated in their paper that Spurs were due to repay interest back in March but have decided to delay the payment by another 12 months. The financial expert, Maguire, has explained that the decision was a no-brainer due to the minimal interest rates laid on by the BoE. He said to the Football Insider: “It simply makes good business sense from Spurs’ point of view. They do have significant debt following the building of the new stadium. It’s logical to get a cheap loan. If you can do so, brilliant. Given the choice of paying 0.5 per cent interest and 3 per cent interest, you automatically go for the lower. Arsenal have got less external debt. This could also be part of the charm offensive from Stan Kroenke. Not repaying it would be another stick to beat him with. But for Tottenham, with this interest, they’ll have to pay another £875,000, which is peanuts to them.”
So, a good bit of business sense, and for that, Daniel and the board, you must be congratulated, however, his expertise is in business; all he needs now is to get that brilliance behind him where managing the club is concerned. If he did that, the world would be his oyster, and the money he takes out of the club as Chairman (at one time, he was reputed to have earned a staggering £7 million per year) would have been well earned. There is time, Daniel, there is time… just pick the right manager to head our revolution on the pitch, and the fans just might – one day – put a statue up in your honour. Just think Michael Jackson and Fulham, but at our stadium, and you instead of Jackson, it could be you (Daniel), the moonwalking foot slider.
It is finally here, a new super book about the greats, Glories and all you want to know about the Tottenham great players (we are not worthy!) who have graced White Hart Lane and beyond. Sixty years ago this month, the Greatest Football club in the world won the double with probably the most outstanding team on this planet.
Has your eye’s seen the Glory? If yes (or even no) click HERE and follow the link, then they/ you will, and for those that are longer in the tooth (in other words, old like me)…. be prepared to be dazzled all over again!
My name is Glenn Renshaw.
I am currently a Premium Season Ticket holder (West Stand) in the new stadium. Before that – at White Hart Lane – a season ticket holder in various parts of the ground (mainly in the North stand).
Before becoming a season ticket holder, I stood on the shelf and various other parts of the ground since the 1960s (the season of the double). In 1987 I became one of the first to hold a Spurs Membership card. I was also a life long member of the Spurs supporters club (now defunct).
I go to all home, away and abroad matches.
I was born in 1955, Edgware, London. I currently live in Berkshire.
I also collect all Spurs books, Spurs handbooks, Spurs programmes etc.
Previously, I wrote for Spurs Fanzines: The Spur, Spur of the Moment, My Eyes have seen the Glory and various other Spurs fanzines’. I also wrote for the SpursWeb app & its website.
I currently write and work for spursnetwork.com and its website. I write its Reviews & Match reports and a lot more.
My other interests are; reading, history, social history, Politics, going to the gym, wine, going out for a meal, music (all sorts), writing, theatre, concerts, going on holidays, socialising etc.
I have been writing blogs/ articles since 1989
If you wish to read more of my blog, please click “here”