Tottenham Hotspur chairman Daniel Levy has warned Spurs supporters that the club’s finances may take a hit in the short-time after the planned move to a new 61,000 stadium next season.
The projected move will make Spurs the club with the biggest stadium in London, beating The Emirates with around 600 seats. But Levy insists beating Arsenal in growth was not the main objective of the expansion.
“[Building a bigger stadium than Arsenal] wasn’t the sole driver.” Levy told NBC. “The reason was simply that we have a season ticket waiting list of 58,000 people and had to find a solution.
He also added: “Everybody thinks just because you have a big stadium you get more revenue and you’ll have lots more money. But when you are spending this amount of money on a stadium, we’ll have a lot of debt we will have to replay.“
The new club stadium will cost around 400 million, but the entire project may stretch to 750 million. The project includes the possibility of squashing some of the money going out by installing a retractable pitch which will allow NFL games to be played.
Arsenal built the Emirates in 2005 and were severely restricted in their transfer dealing for at least 10 years.