© Getty Images Tottenham chairman Daniel Levy

Tottenham have had to borrow an extra £237million to get their new stadium finished.

Spiralling costs have forced the Premier League club to substantially increase their line of credit with three banks on the heavily-delayed project to a total of £637m.

Video: Tottenham's new stadium (Independent)

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It is the latest in a series of blows the north Londoners have been hit with on and off the pitch, which started with no players being bought in the summer window and led to manager Mauricio Pochettino revealing his “massive frustration” two days ago at the state of affairs.

Spurs were due to move into the 62,000-seater venue, on their traditional White Hart Lane stomping ground, ahead of their game with Liverpool on September 15.

© Credits: Twitter

Those plans were blown apart with a catalogue of setbacks - including faulty wiring affecting critical safety systems - forcing the club to concede last week that they would not play there until the New Year.



They have been left to stage home games on a dreadful surface at Wembley, and on one occasion in Milton Keynes, with a new moving-in target of January 13, when Spurs entertain Manchester United.

The extension of Tottenham’s “development facility” with their three banking partners was revealed in their statement last week confirming they would not be taking charge of their new stadium this side of Christmas.

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In May 2017, Spurs signed a £400m, five-year loan with Bank of America Merrill Lynch, Goldman Sachs and HSBC, to finance the construction. That loan replaced a £200million deal set up two years previously.



But Spurs admitted in a statement that the loan facility is now worth “up to £637m”, an increase of £237m or 59% on the £400m.

Among the options being explored by the club is one adopted in 2015 by Manchester United to raise cash through a private placement - selling bonds privately to a small group of institutional investors instead of offering them publicly.

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Tottenham’s statement read: “The club’s investment over recent years in facilities has resulted in total gross tangible assets at 30 June, 2018, in excess of £1bn.

“These investments have been financed by funds from the club and bank finance, principally from Bank of America Merrill Lynch International, Goldman Sachs Bank USA and HSBC Bank plc who have provided a development facility of up to £637m. At 30 June, 2018, the club had net debt of £366m.”