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Sport Tottenham just repaid a loan that could pave the way for Sonny’s new contract

08:35  19 june  2021
08:35  19 june  2021 Source:   sbnation.com

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Tottenham just repaid a loan that could pave the way for Sonny ’ s new contract . Tottenham break off talks with Gennaro Gattuso after fan backlash. Daily Euro 2020 Thread: England takes on rival Scotland. The Hoddle of Coffee: Tottenham Hotspur News and Links for Friday, June 18. Tottenham just repaid a loan that could pave the way for Sonny ’ s new contract Want some good news?

Tottenham repay £175m loan allowing club to extend Son Heung-min' s contract . Tottenham Hotspur have paid back the £175 million loan they took from the Bank of England last year, putting them in position to complete the new contract for Son Heung-min. Spurs took the loan as part of the COVID Corporate Financing Facility at the start of the COVID-19 pandemic, as the Bank of England made low-interest loans available to companies with a sufficient credit rating, and then re-drew the loan in March 2021.

Boy, it’s been a day, hasn’t it? I feel like we need some good news that doesn’t suck the life out of everyone, right? Good thing we have some!

Heung-Min Son posing for the camera © Photo by Tottenham Hotspur FC/Tottenham Hotspur FC via Getty Images

Jack Pitt-Brooke wrote a short news item in the Athletic (£) today that is unabashedly good news — Tottenham Hotspur are a little less out of debt (kinda — we’ll get to that) and now have some extra liquidity that could lead to Son Heung-Min finally extending his Spurs contract!

How’s THAT for good news?

Here’s the Cliff’s Notes version: Tottenham had previously taken out a £175m loan from the Bank of England to make ends meet at the tail end of the COVID-19 pandemic closure, since they obviously weren’t getting any income from match day fixtures. The loan itself was low interest, and Spurs were able to create the liquidity to pay it off recently by restructuring its existing debt to long-term equities, saving the club about £250m. Sure, it’s basically an accounting trick, but it’s allowed the club to kick more of that debt down the road when the pandemic restrictions ease and they (presumably) will have much more income coming in.

So what’s the club going to do with that extra cash? Why, finally figure out Sonny’s contract! Pitt-Brooke writes that the club is likely going to use part of that windfall after paying off the loan to extend Sonny’s deal, which has been in the works for months. And I think we can all agree that if anyone deserves a new contract and to be paid a mint to stay at this managerless dumpster fire of a club, it’s Son Heung-Min.

So Spurs have (kinda) a little less debt, and Sonny’s about to be extremely happy. Sounds like a win-win to me! Make it happen, Tottenham.

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usr: 3
This is interesting!