Tottenham’s Costs Double for New Stadium

Construction is ongoing for Tottenham’s new home adjacent to White Hart Lane, but expenses reportedly have gone up substantially since the project was first announced.

Back when the new stadium was first announced, its cost was estimated at around £400 million. Tottenham club director Donna Cullen now believes that it will demand twice as much from the club by the time it is completed.

A number of factors play into that increase, some of which add value — and others that are entirely outside the club’s control.

The Evening Standard carries Cullen’s quotes in full from an email sent in response to a question from a Spurs supporter.

"“It is worth remembering that the original cost quoted for the stadium (£400m) was some seven years ago. This new ‘estimated’ figure (£800m) relates predominantly to the stadium with some elements of substructure for the other builds, particularly the Tottenham Experience. Revised basement works also added to the cost. We are constantly managing costs and will continue to do so throughout the process along with funding plans to ensure the viability of the scheme.”"

Any project as massive as Tottenham’s new stadium will inevitably exceed their budget. Indeed, many of these overages are the result of improvements on the original design.

The “Tottenham Experience” Cullen mentions is an attempt to preserve as much of the club’s history as possible for future display in the new stadium. “Revised basement works” is a bit more opaque, but could refer in part to any number of the improvements announced in recent months.

Among the more notable causes for the dramatic increase in costs was the United Kingdom’s recent decision to leave the European Union. As Cullen also said in her response:

"“Brexit has added a straight 20 per cent on costs for foreign goods due to the exchange rate, overtime working and increased construction costs similarly.”"

Though the UK’s exit from the European community is still an ongoing struggle, the value of the British pound has fallen considerably, which in turn cascades into a number of other pricey consequences.

It remains unclear what, if any, impact these increased costs will have on other aspects of the club. A slew of new and improved contracts for the club’s core players suggest that the club isn’t hurting too much however.

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A bigger indication of the club’s financial health might come in the transfer window. Though Tottenham are continually linked with several big — and expensive names — it seems unlikely that they will be splurging as much as they last summer.