THE projected cost of Tottenham's new ground has reportedly doubled to £1billion, which will make it the most-expensive in Europe.
The initial price to build the stadium was £400m but that has now escalated to the whopping new figure, according to the Daily Mail.
Spurs chairman Daniel Levy is now speaking to interested parties in an attempt to help financing the job after the second substantial estimated price rise on the project following estimated £750m fee that was revealed in the planning application.
It is claimed that Levy has confided to sources that the price of the build has skyrocketed due to the complexity of the build.
The ground, which is due to open ahead of next season, will have a 61,000-capacity and will also incorporate facilities for NFL, including two sliding pitches and additional large changing rooms fit for the American Football stars to use.
The construction work, which is currently on schedule, has already cost over £100m. The remainder of the new mammoth fee involved to complete it will be covered through a number of ways that includes debt and a stadium naming rights deal.
And they are hoping advance ticket sales will also help to generate cash upfront. Levy, who has admitted the ground will not be named White Hart Lane, is still in talks over naming rights with the club saying it has "received expressions of interest from credible counterparties".
Spurs also expect to generate an additional £28m a year from match days at their new home, a rise of over 50 per cent. Unlike some of their Premier League rivals they have no current debt.
Although financial adviser Rothschild have spoken with a trio of unnamed banks that have all approved a five-year loan worth £350m.
After that period the amount outstanding will be refinanced or could be put into longer-term bonds.
From The Sun
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