Tottenham Hotspur have started to spread the financial burden of their new stadium by refinancing more than £400 million of bank debt.



Spurs borrowed £637 million from Bank of America, Goldman Sachs and HSBC to pay for their £1 billion new stadium that opened in April. That bank facility was initially due to be paid back by April 2022.



But Bank of America has launched a new private placement scheme to turn roughly £400 million of that debt into bonds with staggered maturities ranging between 15 and 30 years. They reached out to institutional investors in the US with a conference call last week.



While this deal will not immediately decrease the level of Tottenham’s net debt, which is approaching £600 million, it will relieve the immediate pressure for Tottenham to pay the money back in less than three years’ time. The move also takes advantage of low interest rates in the US and puts the club’s finances on a...