LONDON: Premier League’s Tottenham Hotspur have announced that it has renewed its ongoing kit sponsorship deal with Nike until 2033, marking it as one of the longest ever deals the global apparel giant will have with a football club.
According to UK newspaper The Sun, the mega deal is said to be worth $38.2 million (£30 million) per year, which adds up to $573 million (£450 million) in total.
This is another massive financial boost for the club which also announced in an official statement that the construction of its new stadium in the city has been delayed until December this year, having also invested $127.4 million (£100 million) for in transport infrastructure which will see the stadium and the local area served by one of the best public transport networks in the country – facilitating the creation of a new sport, leisure and entertainment destination in London.
As of 30 June this year, the club announced a net debt of $466.32 million (£366 million) which was offset by record revenues of $485.5 million (£381 million) and profit from operations before football trading, depreciation, interest, tax and exceptional items of $207.7 million (£163m). However, extra costs to build the new stadium is expected to impact trading in the following financial year.
Spurs chairman Daniel Levy said: “The club’s investment over recent years in facilities has resulted in total gross tangible assets at 30 June, 2018, in excess of $1.27bn (£1bn) – facilities which include the Training Centre, the new Players’ Lodge, Percy House, home of the Tottenham Hotspur Foundation, Lilywhite House Club offices, new retail warehouse, new Paxton House Ticket Office and now the new stadium along with the newly-opened Spurs Shop – the largest football club store in Europe – plus other property assets.
“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 (“Banking Partners”) who have provided a development facility of up to $811.8m (£637m).”
