Unlucky! So if I read this correctly, Spurs chief executive says Brexit has made Spurs £800m stadium some 20 pct more expensive... https://t.co/3aBfhs1zhl— Gabriele Marcotti (@Marcotti) March 20, 2017
Given the developments in the club over the last few weeks, we need as many of these types of pictures as possible.
Congrats biggie. It changes everything. My two in Arsenal shirts they'll soon outgrow... not sure I'll be buying them any more...
I never realised so many on here had kids but I guess we all got old? I stopped watching a lot of football when my first was born as I just didn't have any time anymore - that was back in 2006 Ironically I now have a lot of time back again just as the Ozil show re-signed it's crap show runner
It was more of a solvency issue Arsenal experienced. As is usual with a residential property development most or all of the units were presold and the developer eats up deposits and progress payments as a partial finance method. When the credit crunch hit, the banks swiftly tightened up their lending criteria so multiple purchasers had their finance fall over. Obviously the timing was shit but manageable given the motherships access to cash. Spurs problem (at a time of historically cheap finance) is the ever escalating costs of the project. If they are saying its 800m then we can be sure it will really be over 1bn - so the financing of this is going to be a headache in terms of the sheer demand for cash and managing so much borrowing, especially if interest rates climb in the future. This is a common problem in germany right now as well. Even securing the people you need is very difficult thanks to the building boom. So then you get a problem or delay on your project, subcontractors ec are then booked on different stuff and leave and then you have to wait till they can come back - so it is super easy to get blow outs. An example of that was Spurs inability to source cranes without buying them! And then there is the currency issue. LOL