page_title: Northumberland Development Project
section_title: Cost and funding
hierarchical_section_title: Northumberland Development Project / Cost and funding
caption_attribution_description: English: Construction of new Tottenham Hotspur stadium in April 2018, view from east
context_page_description: The Northumberland Development Project is a mixed-use development project that centres around the new Tottenham Hotspur Stadium which replaced White Hart Lane as the home ground of Tottenham Hotspur. On opening in April 2019, the stadium had a capacity for 62,062 spectators, later increased to 62,303, and was designed to host football as well as NFL games. The development plans also include 585 new homes, a 180-room hotel, a local community health centre, the Tottenham Experience, a Spurs museum and club shop, an extreme sports facility, as well as the Lilywhite House, which contains a Sainsbury's supermarket, a sixth form college and the club's headquarters.
  Plans for the project were first announced in 2008 and a planning application submitted in 2009. The project however was revised several times and delayed due to objections by conservation groups and a protracted dispute over a compulsory purchase order on existing businesses at the proposed development site. A revised plan was first approved in 2010 by the Haringey Council, and following further revisions, building started in September 2012.
context_section_description: The first plan of 2007 was initially estimated to cost around £300 million, raised to around £400 million in 2009 for a revised plan, then to £430 million in 2012. Phase 1 of this plan was projected to cost £45 million, Phase 2 which includes the construction of the stadium at £305 million, and Phase 3 at £80 million. After Phase 1 of this plan had been completed, a new plan with different designs for the stadium and other buildings was submitted in 2015, and this new plan was projected to cost £400 million. Cost however had escalated in the course of construction, with the project estimated to cost £850 million in 2018. Part of the increase was a result of the higher cost of import due to the effect of the Brexit vote on the exchange rate, changes to the built, overtime working and higher construction cost. In April 2019, club chairman Levy said that the cost is of the order of £1 billion.
  On 21 August 2009 Tottenham Hotspur made a Stock Exchange announcement that it was issuing 30 million new shares to raise £15 million to fund the first stage of the proposed development. The funds related specifically to the professional costs required to advance the project to the point where a full planning application could be submitted. The club's major shareholder, ENIC International Ltd subscribed to take up 27.8 million of the shares. On 22 July 2011, a supporter group, Supporting Our Future, submitted a proposal for a £50 million funding initiative to Spurs to support the Northumberland Development Project by way of a Community Share scheme. This proposal was presented after polling Spurs fans on their views of the club and Northumberland Park Development, and extensive consultation with the club, Haringey Council, and Supporters Direct.  £27 million of local and central government funding  was pledged to improve the infrastructure and public spaces in the Northumberland Park regeneration zone planned by Haringey Council. NFL contributed £10 million to provide American football accommodations in exchange for allowing at least two NFL games per year in the stadium.
  The club announced in April 2014 that it had divested some 'non-core' properties to the west of the High Road relating to phase 1 of the project to TH Property Limited, a subsidiary of ENIC, with the proceeds used to pay down debt secured against those properties. In December 2015, a £200m interim financing facility was arranged with three banks to fund the relocation, planning and development.  In May 2017, the club announced a £400 million five-year loan deal with the banks, replacing the £200 million previously in place, to fund the remaining built.  The bank also provided a £25m working capital facility, while the owner of Tottenham Hotspur, ENIC, supported the stadium financing with a £50 million letter of credit. By this stage, £340 million had already been spent on land acquisition, the planning process as well as construction cost; £100 million of this came from the interim financing, with the rest from the club resources. In 2018, it was announced that due to spiralling cost, the club had to borrow an extra £237 million, raising the financing facility to £637m. In order to reduce debt-servicing costs and improve annual cash flow, £525 million of the debt was refinanced by issuing bonds that will mature in 15 to 30 years' time.  The bond issue was arranged by Bank of America Merrill Lynch, which also provided a £112m loan. 
  Instead of maintaining the White Hart Lane name, the club plans to pursue corporate sponsorship of the stadium, with Spurs eyeing potential suitors in the UAE and FedEx. The club was looking for a 20-year deal worth £20m annually.
caption: New stadium under construction, view from east
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