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 directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).