EPL side Tottenham believes the cost of building its "state of the art 61,000-capacity stadium" could reach £750M ($1.12B) -- "almost double original estimates," according to Alex Miller of the London DAILY MAIL. The club "hopes to make the move into the stadium" in time for the start of the '18-19 campaign after receiving planning permission this week. Spurs are now waiting for London Mayor Boris Johnson "to rubber-stamp the deal -- thought to be a formality." The club made the £750M forecast in its planning application, "which would make it the most expensive stadium in the country along with Wembley" -- which also cost £750M. Previously it was thought the stadium "would cost in the region" of £400M ($596.4M). However the designs, incorporating facilities for NFL, "including two sliding pitches and additional large changing rooms fit for NFL use, have bumped up the price considerably." The club has "already spent" £100M ($149M) on construction-related work, according to planning documents. The remaining £650M ($969.2M) will be covered through "a number of sources including debt, stadium naming rights and advance hospitality ticket sales." Spurs have no current debts "unlike many Premier League rivals," but financial adviser Rothschild has approached three unnamed banks, "all of which have approved five-year loans" worth a total of £350M ($522M). After five years "the outstanding debt will be refinanced or put into longer-term bonds." The proposal documents reveal for the first time the club is hoping to generate £30M ($44.7M) a year from stadium naming rights and cornerstone naming rights (DAILY MAIL, 12/19).
