Tottenham announces 20% pay cut for 550 employees
Tottenham Hotspurs have announced that all 550 non-playing staff have seen their salary cut by 20 per cent and put on furlough “where appropriate" in order to cope with the financial crisis caused by the coronavirus pandemic.
In a statement issued on Tuesday morning, chairman Daniel Levy confirmed that the club were turning to the Government’s furlough scheme in order to “protect jobs”, with those involved set to be paid 80 per cent of their wages through April and May at the very least. The decision will also be continually reviewed, should the financial struggles continue into the summer.
It was revealed on Tuesday that Levy received a £3m bonus last year for the completion of Tottenham’s new stadium, which was added to his £4m-a-year salary - up from £3m in 2018 - thanks largely to one of the club’s most successful season’s in history as they reached the Champions League final and finished in the top four for the fourth consecutive season.
But Levy has revealed that “the club’s operations have effectively ceased”, resulting in their reserves being required to pay the “annual running cost of hundreds of millions” with little income being generated after all games were suspended until at least 30 April.
Spurs borrowed £637m for the development of the £1bn Tottenham Hotspur Stadium, and although the majority of that fee was converted by Levy into a bond scheme that will see approximately £525m repaid 15 to 30 years’s time, the club are also still paying former manager Mauricio Pochettino following his sacking earlier this season.
Source: Independent UK
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