Spurs pay back Bank of England loan

Tottenham Hotspur have paid back the £175 million loan they took from the Bank of England last year, putting them in position to complete the new contract for Son Heung-min.

Spurs took the loan as part of the COVID Corporate Financing Facility at the start of the COVID-19 pandemic, as the Bank of England made low-interest loans available to companies with a sufficient credit rating, and then re-drew the loan in March 2021.

But last month Tottenham raised £250 million through a private placement scheme organised by Bank of America, effectively converting short term debt into long term refinancing.

That money came through to Tottenham earlier this month, effectively allowing the club to pay back the Bank of England, which they have done in the last week.

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