Staggering. What happens if we face a similar situation?
http://www.dailymail.co.uk/sport/football/article-5139907/Bill-new-Tottenham-stadium-soars-1bn.html
Bill for new Tottenham stadium soars from £400m to £1bn as club confront cost and complexity of project
- Cost of Tottenham's new stadium has more than doubled to £1bn
- Chairman Daniel Levy is trying to negotiate finance for the stadium build
- The new White Hart Lane home was initially expected to cost £400m
- 61,000-capacity ground increased to £750m and is now expected to cost £1bn
By
Alex Miller For Mail On Sunday
PUBLISHED: 08:45 AEDT, 3 December 2017 | UPDATED: 08:45 AEDT, 3 December 2017
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Tottenham have more than doubled the projected cost of their new stadium to £1billion, which will make it the most expensive in Europe.
Spurs chairman Daniel Levy continues to talk with interested parties to help finance the record-breaking build, but the initial £400m cost has been hiked considerably.
The £1bn cost actually represents the second substantial estimated price rise, with an earlier estimated cost increase to £750m revealed in their planning application.
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Tottenham's new stadium is beginning to take shape as the club showed off an aerial shot
The club also released what the view is like looking towards the new single-tier South Stand
They posted a series of pictures on Twitter showing the view looking across at the South Stand
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How Tottenham's new White Hart Lane stadium will look when it is completed
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The construction costs of the new stadium have more than doubled to £1bn
Levy has confided to sources close to the build that the skyrocketing cost of Tottenham's new home, due to open ahead of next season, is in part due to the complexity of the project.
The designs for the 61,000-capacity stadium incorporate facilities for NFL, including two sliding pitches and additional large changing rooms fit for NFL use.
Construction work remains on schedule and the club have already spent over £100m on construction related work, according to planning documents.
An exterior shot shows the stadium beginning to take shape as construction continues
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Several cranes can be seen as part of the work on the inside of the stadium bowl
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The remaining costs will be covered through a number of sources including debt, stadium naming rights and advance hospitality ticket sales.
Spurs will look to front load any deals to generate substantial cash upfront, similar to how Arsenal initially financed the Emirates.
Talks over naming rights are ongoing and the club says it has 'received expressions of interest from credible counterparties'. Levy has admitted the new ground will not be called White Hart Lane.
The club expect to generate an additional £28m a year from match days at the new stadium, a rise of more than 50 per cent, with the majority coming from the additional corporate hospitality facilities in the new stadium.
They also gave a sneak peek of the current view when looking down from the terrace area
One of the new steel 'trees' has also been installed to support the new South Stand
Spurs have no current debts unlike many Premier League rivals, but financial adviser Rothschild has approached three un-named banks, all of which have approved five-year loans worth a total of £350m. After five years the outstanding debt will be refinanced or put into longer-term bonds.
Latest estimates have revealed London rivals Chelsea also expect to spend £1bn to rebuild Stamford Bridge.
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