Covid-19/Tottenham Hotspur Stadium: a government loan of £175m (€197m) due to the crisis

Tottenham Hotspur Stadium Ltd, a company owned by Tottenham Hotspur FC (Premier League), has obtained a loan of £175m (€197m) through the issue of Commercial Paper (short-term debt promissory note) as part of a Government-provided Covid Corporate Financing Facility (CCFF), according to the London (ENG) club on 04/06/2020.

Launched by the Government in response to the economic crisis caused by the Covid-19 pandemic, the CCFF is a lending facility open to large, financially healthy companies that make a significant contribution to the UK economy (see below). While it is similar to the State-guaranteed loan (PGE) set up in France, it differs from the latter in that the money is lent directly by the Government to companies via the Bank of England (the central bank of the UK).

"Due to the significance of income from matchday, conferencing and third party live events such as concerts and other sports, our estimated revenue loss, including broadcast rebates, may exceed £200m (€225m) for the period to June, 2021," said Tottenham.

"The CCFF, which will not be used for player acquisitions, has…