UK - Tottenham Hotspur Football Club has raised £75m worth of institutional money to fund the redevelopment of its stadium.
The money has been raised as part of a securitisation deal arranged through the investment bank Lazards.
This is in effect a loan that is backed by the club’s future gate receipts, its stadium mortgage and other assets.
The publicly listed club will use up to £65m to upgrade its White Hart Lane stadium, to build a football academy and to upgrade other team facilities. The rest will be used to service debt.
Tottenham’s deal follows similar securitisation of assets by Leeds United, Newcastle United, Southampton and Ipswich Town and Leicester City.
In a separate development, Leeds United chairman Peter Ridsdale has been re-elected at the company’s AGM after winning shareholder backing.
Three of the clubs biggest shareholders – Schroder Investment Management, UBS Global Asset Management and Jupiter Asset Management – reportedly voted to re-elect Ridsdale.
At the AGM he announced that he will resign from several non-Leeds related roles, which has appeased disgruntled supporters andshareholders who are dissatisfied with Leeds Premier League performance.
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.