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.
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.