NEWS
Brexit vote sees Tottenham’s stadium costs rocket to £800m
POSTED 09 Mar 2017 . BY Matthew Campelli
Cullen said the vote had added 20 per cent onto the cost of foreign goods
The early consequences of Britain voting to leave the European Union has increased the cost of Tottenham Hotspur’s new stadium, according to the club’s director.

In an email to a supporter published online, Donna Cullen said that Brexit had seen the final cost rocket to £800m (US$972.1m, €920.7m) – more than the cost of building the new Wembley Stadium.

When the plans were originally revealed, the 61,000-capacity stadium was expected to cost around £400m (US$486.1m, €460.7m).

Cullen wrote: “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.

“It is worth remembering that the original cost quoted for the stadium (£400m) was some seven years ago. The new estimated figure (£800m) relates predominantly to the stadium with some elements of substructure for the other builds, particularly the Tottenham Experience.”

She added: “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.”

The Populous-designed stadium – which is being built to host regular National Football League (NFL) games as well as Premier League football – is expected to be completed before the start of the 2018/19 season.
When the plans were originally revealed, the 61,000-capacity stadium was expected to cost around £400m
PROJECT PROFILE:

Tottenham Stadium development
The £400m (US$644m, €498m) stadium will act as the centrepiece of a wider regeneration of the area. The Northumberland Development Project master plan by the London-based KSS Group will include 200 homes, a hotel, a retail area and a public square for community events such as ice skating or street markets. It will be funded by a £350m (US$538m, €475m) bridging loan facility from HSBC if there is a shortfall until permanent financing or the next stage of financing is obtained.

Location: London , United Kingdom
Budget: £400m

RELATED STORIES
  New Tottenham Hotspur stadium to supercharge local economy


The local area surrounding the 61,000-capacity stadium being built for Tottenham Hotspur FC will benefit from an extra £430m (US$528.4m, €496.5m) being spent by fans and visitor per year.
  White Hart Lane: Populous MD lifts the lid on the design of Tottenham's community-driven new stadium


The architect masterminding a new home for English football team Tottenham Hotspur – billed by the Premier League club as “the most unique sports and entertainment destination in Europe” – has lifted the lid on how the stadium will create an important hub for the local community.
 


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09 Mar 2017

Brexit vote sees Tottenham’s stadium costs rocket to £800m
BY Matthew Campelli

Cullen said the vote had added 20 per cent onto the cost of foreign goods

Cullen said the vote had added 20 per cent onto the cost of foreign goods

The early consequences of Britain voting to leave the European Union has increased the cost of Tottenham Hotspur’s new stadium, according to the club’s director.

In an email to a supporter published online, Donna Cullen said that Brexit had seen the final cost rocket to £800m (US$972.1m, €920.7m) – more than the cost of building the new Wembley Stadium.

When the plans were originally revealed, the 61,000-capacity stadium was expected to cost around £400m (US$486.1m, €460.7m).

Cullen wrote: “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.

“It is worth remembering that the original cost quoted for the stadium (£400m) was some seven years ago. The new estimated figure (£800m) relates predominantly to the stadium with some elements of substructure for the other builds, particularly the Tottenham Experience.”

She added: “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.”

The Populous-designed stadium – which is being built to host regular National Football League (NFL) games as well as Premier League football – is expected to be completed before the start of the 2018/19 season.



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