Spurs receive public money commitment
Good news for Spurs in their quest to build a new stadium, as chairman Levy was able to announce that the club had secured the commitment of London Mayor Boris Johnson and Haringey Council in financially contributing toward Tottenham’s proposed new stadium.
Spurs had previously made it a condition for public money to be invested in the project, which will primarily be used to invest in the area around the stadium. The club is a major employer and business in the Tottenham area, and the project, dubbed Northumberland Development Project, not only focuses on the construction of a new 56,000-seater for the club, but also aims at regenerating the wider Tottenham area.
The total of £27 million in public money it will receive is a first step, but the project’s realisation still hinges on the successful acquisition of private funds, with a name sponsor for the stadium an essential part of any deal. A week ago the club already removed a 150-bed four-star hotel from the plans in favour of a college and more flats, as it turned out there was no market interest for a hotel of such status.
The club earlier made bids to move to the 2012 Olympic Stadium, however is now uniquely focusing on constructing a new stadium adjacent to White Hart Lane. A wise move, it seems, as previous competitor West Ham seems to have serious doubts whether to submit a formal bid due to the unattractive terms of the contracts and nontransparent bidding process.
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