Tottenham Hotspur are set to borrow another £237million to cover the spiralling costs of their new stadium build.

Spurs revealed the extension of their “development facility” with their three banking partners in their statement on Friday night, which confirmed that the new Tottenham Hotspur Stadium would not be ready until 2019. The club also revealed their net debt as £366m, a figure that is set to rise to £600m.

The club had initially announced in May 2017 a £400m arrangement with Bank of America Merrill Lynch, Goldman Sachs and HSBC, which was due to last for five years. But in Friday’s statement Tottenham confirmed that the facility is now worth “up to £637m”, representing an increase of £237m or 59% on the initial £400m.

That extra money is needed to cover any cash-flow issues as Tottenham try to complete the construction of their new stadium, which has dragged on through the first half of this season.

Tottenham's new stadium: Now and in the future Show all 22 1 /22 Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Tottenham's last ever game at White Hart Lane, a 2-1 victory over Manchester United, was played out in the shadow of several cranes looming over the stadium. AFP/Getty Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The new stadium is being built directly next door to the current ground and will actually be closer to the road named White Hart Lane. Tottenham Hotspur FC via Getty Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The new ground will house 61,000 supporters: a 24,716 increase from the current stadium. Tottenham Hotspur FC via Getty Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Tottenham had originally planned to move into the new stadium for the beginning of the 2012/13 season. Tottenham Hotspur FC via Getty Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The pitch dimensions at the new ground will be 105m x 68m. Tottenham Hotspur FC via Getty Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future A retractable roof was originally considered for the new stadium but these plans were eventually dropped. Tottenham Hotspur FC via Getty Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The new ground is significantly larger than the old one. Tottenham Hotspur FC via Getty Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future New pictures released by the club show the gradual decommissioning of White Hart Lane. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future It has been reported that the NFL contributed £10 million to provide American football accommodations in exchange for allowing two NFL games per year in the new stadium. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The stadium will feature the largest single-tier stand in Europe. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Although the club have promised 61,000 seats, their admission that "the exact figure continues to move slightly as we refine the detailed design" hints that there could be more. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The stadium will be ready in time for the 2018/19 season. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Tottenham will play their 2017/18 home games at Wembley Stadium before the move. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future With its bowl shape, the new stadium will bear more than a passing resemblance to the Emirates Stadium. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Spurs fans will be able to pay extra to watch the team line up in the tunnel when the new stadium opens. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Fans will have the option to watch the game from a number of luxury boxes and suites. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future Of the 61,000 seats, 7,000 will be corporate . Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The stadium will also host NFL games and concerts. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The Sky Lounge will offer panoramic views of the pitch and across London. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The new hospitality options are a significant upgrade on those offered at White Hart Lane. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future It is planned that individual images of the starting XI will be projected onto screens when the teams are announced. @SpursOfficial Tottenham's new stadium: Now and in the future Tottenham's new stadium: Now and in the future The H Club will offer Michelin star calibre dining. @SpursOfficial

Tottenham are now looking to re-finance this £637m facility through a bond issue, similar to the approach that debt-laden Manchester United have used in the past. “Working with our Banking Partners and our financial advisor, Rothschild & Co, we shall be converting this development facility, which currently expires in April 2022, into notes with a mixture of debt maturities,” Tottenham confirmed.

In May 2015 Manchester United raised $425m of bonds through a private placement. That is when a borrower sells bonds privately to a small group of institutional investors, rather than offering them publicly. Tottenham are set to pursue a similar approach.

This all means that Spurs’ net debt is set to increase even further. While Spurs confirmed in their Friday statement that the net debt is now £366m, the extra £237m means that it is now expected to rise up to £600m.