New stadium thread
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I was just checking you were paying attention.....
I am! All these dates and capacity figures confuse me. I concentrate hard yet all I can see is Sissoko's grinning face.
I am! All these dates and capacity figures confuse me. I concentrate hard yet all I can see is Sissoko's grinning face.
I was watching Rachel Riley and lost interest in this...sorry
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I hope the journey was accompanied by this theme...
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Football pitch being moved over NFL pitch will be accompanied by this theme
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S
Spur of the Moment
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I was thinking more.......
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From The Telegraph:
Tottenham had agreed to inform the Football Association whether or not they would move into Wembley for all home games next season by the end of this month.
But, following talks, it is understood the FA have granted Spurs greater flexibility over the timescale of their decision and the club appear increasingly likely to wait until April before making a final decision.
Tottenham have not ruled out informing the FA of their decision by the end of Friday if everything falls into place in time, but Levy has suggested that he and the banks need greater assurances.
The doubt is believed to centre around the cost of the project. The first estimate, some years ago, had been that Tottenham’s new stadium would cost £450m but that increased to £750m and then £800m since Levy struck an agreement for NFL fixtures to be played there.
There remains some doubt on the exact final costing, which the banks require to give the green light on the entire project and allow Tottenham to commit to leaving White Hart Lane.
Levy added that “the progress of the construction programme and the delivery timetable for the new stadium and associated public sector infrastructure works – both of which are paramount before any decision will be made on the decommissioning of White Hart Lane – are being closely monitored.”
Telegraph Sport last month revealed that talks between Levy and outside investors were ongoing with Tottenham needing to prove that they have over £200m available to go towards the new stadium.
In a leaked email to London City Hall and Haringey Council, Levy revealed the views of Tottenham’s bankers and non-executive directors, former HSBC banking chief Kevan Watts and managing director of investment fund Tavistock Group Ron Robson, had “hardened” because of the scale of funding that is needed.
Levy wrote: “They have focused on the risks associated with the development for a company that only has a turnover of £250m despite its global profile.
“The option to utilise Wembley for next season expires in a few weeks, the process of season ticket renewals, demolition notices etc are all reasons why the banks require certainty.”
The delay seems to costs us nothing and it wouldn't surprise me at all if we are using it to get some greater degree of action out of the local government interests in delivering their end of the development. There's no chance of the development being at real risk financially from our end as Joe Lewis is on record guaranteeing it and it would devalue his investment if we don't deliver for the NFL people on time and in good order. If we want an NFL franchise, then we'd better deliver what we've said we can deliver. I think we'll do just that.
So, I'm not reading too much into it. I think we'll be at Wembley next season and in the new stadium the season after.
An interesting article with a lot of detail from a website called FOOTBALLECONOMY.COM - http://www.footballeconomy.com/content/spurs-get-stadium-funding. Some of the £750-800m is for below ground works on additional parts of the development. Does anyone know what the intention is with that and the housing? Are we selling or letting the assets to someone or becoming a hotelier and landlord? The remaining level of debt looks worrying at £350m but if we have those assets to sell or take the profits from, then that's a bit different.
Tottenham Hotspur’s stadium redevelopment is a significant step closer after the club agreed a £350 million funding package with three investment banks.
HSBC, Goldman Sachs and Merrill Lynch will provide almost half of the money required to complete the £750 million rebuilding of White Hart Lane. The rest of the funding will come from advanced ticket sales, a ten-year ground rental arrangement with the NFL and a possible naming-rights deal.
Spurs are confident of securing a substantially more lucrative namng rights deal than the £2.8m a year contract Arsenal agreed with Emirates in 2004. Levy is targeting a £20m a year deal for twenty years. However, West Ham have not managed to conclude a naming rights deal for the London Stadium.
Spurs also expect a big increase in matchday revenue at the new stadium as capacity increases from 36,000 to 61,000. There are 63,200 people on the waiting list for season tickets. The most expensive season tickets will cost £8,000.
Confirmation of the commercial loans is a big boost for Tottenham as they prepare to announce their departure at the end of the season from their home of 118 years. The plan is to spend a year at Wembley before returning to a rebuilt ground on an adjacent site in north London for the start of the 2018-19 season.
As he announced Tottenham’s results for the year ending June 2016 yesterday, which included record revenue of almost £210 million and record post-tax profits of £33 million, the chairman, Daniel Levy, said that the move to Wembley would not be finalised until there was greater clarity on the delivery of the new stadium, but the club are confident about the original timetable.
The delay in confirming that White Hart Lane will definitely close this season is understood to stem from concern at the spiralling cost of the project, which has increased from a projected £450 million to between £750-800 million, but the private funding has been secured regardless. It is understood that the three banks will each provide loans at a fixed rate over an initial five-year period, after which the plan is to re-finance them.
Tottenham Hotspur’s stadium redevelopment is a significant step closer after the club agreed a £350 million funding package with three investment banks.
HSBC, Goldman Sachs and Merrill Lynch will provide almost half of the money required to complete the £750 million rebuilding of White Hart Lane. The rest of the funding will come from advanced ticket sales, a ten-year ground rental arrangement with the NFL and a possible naming-rights deal.
Spurs are confident of securing a substantially more lucrative namng rights deal than the £2.8m a year contract Arsenal agreed with Emirates in 2004. Levy is targeting a £20m a year deal for twenty years. However, West Ham have not managed to conclude a naming rights deal for the London Stadium.
Spurs also expect a big increase in matchday revenue at the new stadium as capacity increases from 36,000 to 61,000. There are 63,200 people on the waiting list for season tickets. The most expensive season tickets will cost £8,000.
Confirmation of the commercial loans is a big boost for Tottenham as they prepare to announce their departure at the end of the season from their home of 118 years. The plan is to spend a year at Wembley before returning to a rebuilt ground on an adjacent site in north London for the start of the 2018-19 season.
As he announced Tottenham’s results for the year ending June 2016 yesterday, which included record revenue of almost £210 million and record post-tax profits of £33 million, the chairman, Daniel Levy, said that the move to Wembley would not be finalised until there was greater clarity on the delivery of the new stadium, but the club are confident about the original timetable.
The delay in confirming that White Hart Lane will definitely close this season is understood to stem from concern at the spiralling cost of the project, which has increased from a projected £450 million to between £750-800 million, but the private funding has been secured regardless. It is understood that the three banks will each provide loans at a fixed rate over an initial five-year period, after which the plan is to re-finance them.
Oh dear, all this talk of increasing debts makes me fear that Levy will dismantled the team! And we all know what will happen then should this happen.
However, I optimistic the "old" Levy will have done so, but I have some optimism that Levy now realises this would be foolish now that he has seen Spurs hover in the top 2 over the past 2 seasons.
However, I optimistic the "old" Levy will have done so, but I have some optimism that Levy now realises this would be foolish now that he has seen Spurs hover in the top 2 over the past 2 seasons.
The doubt goes on
http://www.bbc.co.uk/sport/football/39435423
Tottenham have agreed an extension until 30 April on their decision to play home games at Wembley next season.
The club said it had been agreed "to give ourselves greater flexibility before making the final decision on the decommissioning of White Hart Lane".
Spurs said their "intention remains" to move to Wembley for 2017-2018, "before returning to our new stadium in Tottenham for the 2018-19 season".
They had been due to notify the Football Association by Friday.
Chairman Daniel Levy has previously said the club was seeking "greater certainty" over the delivery of the new stadium, before committing to the move.
Spurs have played Champions League and Europa League ties at Wembley this term but won one of just four games at the national stadium as they made early exits in both competitions.
Should they decide to stay at their current ground next season, they would likely play home games at Wembley the following year before moving into the new 61,000-seater stadium in time for the 2019-20 campaign.
The Premier League club's new ground is being built next to their existing home.
http://www.bbc.co.uk/sport/football/39435423
Tottenham have agreed an extension until 30 April on their decision to play home games at Wembley next season.
The club said it had been agreed "to give ourselves greater flexibility before making the final decision on the decommissioning of White Hart Lane".
Spurs said their "intention remains" to move to Wembley for 2017-2018, "before returning to our new stadium in Tottenham for the 2018-19 season".
They had been due to notify the Football Association by Friday.
Chairman Daniel Levy has previously said the club was seeking "greater certainty" over the delivery of the new stadium, before committing to the move.
Spurs have played Champions League and Europa League ties at Wembley this term but won one of just four games at the national stadium as they made early exits in both competitions.
Should they decide to stay at their current ground next season, they would likely play home games at Wembley the following year before moving into the new 61,000-seater stadium in time for the 2019-20 campaign.
The Premier League club's new ground is being built next to their existing home.
Does this mean that you are part way through building a new stadium whilst demolishing the old one yet never had the funding in place, and even now are reliant on future sales predictions?
Very strange and dodgy way to do business if you ask me. What would have happened if the funding wasn't found and what terms have you got considering the precarious position you seem to be in.
It's standard practice
No bank would ever lend £800m for a stadium when the only asset is an empty field. It's far too risky. When the construction ground works are complete (roads, water, gas, piles, foundations), banks are happier and they lend more money
No bank would ever lend £800m for a stadium when the only asset is an empty field. It's far too risky. When the construction ground works are complete (roads, water, gas, piles, foundations), banks are happier and they lend more money
It seems that the spiralling costs are the main cause of this problem. Spiralling costs being a disease that seems to afflict every single building project in this ridiculous country, and that is magnified when the part of the country you are building in is called 'London'. Most reports - including Levy's open letter - suggest that the funding for the initially projected total cost was all secured and firmly in place before construction even started. It now wouldn't surprise me in the slightest if Levy is using the fact that part of the Northumberland project is to totally rejuvenate the local area as leverage to strong-arm the London Assembly to step in and actually help raise necessary capital (something they only seem to be good at if said capital is sourced from the taxpayer's pocket).
There is also a possibility - however slight - that come the end of April there will be a different team at the top of the PL. The difference between sponsoring Spurs as a CL team or sponsoring Spurs as champions is vast and lucrative enough to Levy to stall things for as long as possible.
As an engineer i suffer this all of timr. You tell the financiers/project managers how much the work will cost and they reduce your budget. When it costs exactly what you said it would cost in the first place its always your fault.
C'est la vie, of farrcum as i normally say
C'est la vie, of farrcum as i normally say
Has anyone wondered why the Sainsbury's wasn't left until the end and planned on the southern side of the development? We could have built the whole stadium that bit further north that way and not had to move to a temporary home at all.
No wonder at all.
ENIC are getting rental revenue from Sainsburys however long new WHL takes.
I suspect shopper car traffic is also far better managed wrt spectator traffic with
the junctions at Northumberland Av rather than Park Lane.
The Lilywhite House block provides office infrastructure etc for THFC that means
club admin activities will not be disrupted while WHL is demolished.
Whatever is putting doubts on the completion date, IMHO you will be hard-pushed
to put the Sainsburys store anywhere near the top of the list.
Moot point, if you didn't need to demolish the current stadium until the new one was finished.
An interesting article on ESPN today about the NFL involvement in the building of the new stadium. The articles says that the Americans are contributing towards the costs of certain elements of the build - part of the cost of the astro-turf pitch, additional 'locker rooms', medical treatment space, media facilities, etc. Apparently, £10m has already been contributed.
They repeat Mark Waller's comments regarding wanting to have a permanent franchise in London by 2020. Waller is the NFL Executive Vice President of the NFL. A few weeks ago I read an article about one of the current franchise owners, Robert Kraft of The Patriots, said there was no intimation of any franchises needing to be moved out of their current locations following a meeting to agree the last move of a team to Last Vegas. That suggests a new franchise.
Being in at the establishment of a new franchise gives us an enormous opportunity to 'hitch our wagon' to the richest sporting competition inns world in a truly meaningful way. Ideally, I'd like us to be part of the new franchise and for ENIC to become co-owners of both teams along with the Americans. That would enable us to have access to finding and sponsorship that we can only dream of at present. If the Americans are coming in 3 years time, let's offer them something truly unique. A joint entity in the two sports offers both sides access to the other's markets.
Joe Lewis' commercial activities are based upon risk taking. He's quoted as saying you have to be brave and prepared to take chances as they present themselves. This is an opportunity that comes once in a lifetime. 'Top Dare Is To Do', Joe.
They repeat Mark Waller's comments regarding wanting to have a permanent franchise in London by 2020. Waller is the NFL Executive Vice President of the NFL. A few weeks ago I read an article about one of the current franchise owners, Robert Kraft of The Patriots, said there was no intimation of any franchises needing to be moved out of their current locations following a meeting to agree the last move of a team to Last Vegas. That suggests a new franchise.
Being in at the establishment of a new franchise gives us an enormous opportunity to 'hitch our wagon' to the richest sporting competition inns world in a truly meaningful way. Ideally, I'd like us to be part of the new franchise and for ENIC to become co-owners of both teams along with the Americans. That would enable us to have access to finding and sponsorship that we can only dream of at present. If the Americans are coming in 3 years time, let's offer them something truly unique. A joint entity in the two sports offers both sides access to the other's markets.
Joe Lewis' commercial activities are based upon risk taking. He's quoted as saying you have to be brave and prepared to take chances as they present themselves. This is an opportunity that comes once in a lifetime. 'Top Dare Is To Do', Joe.