The cost of Tottenham Hotspur’s new stadium has risen to £800million, with an executive at the football club apparently blaming part of the increase on the Brexit vote
Mace was appointed as main contractor for the 61,000-seater Populous-designed project in November 2015, beating Multiplex and Sir Robert McAlpine.
The stadium was reported to cost about £400 million at that stage, although a Tottenham Hotspur spokesman clarified that the £400 million figure dates back seven years and that the club changed its designs ’considerably’ in 2015 which contributed to increased costs.
According to the AJ’s sister title Construction News, Spurs chairman Daniel Levy revealed in a meeting with the Tottenham Hotspur Supporters’ Trust on 28 February that the cost of the stadium had now soared to ’circa £800 million’.
It emerged yesterday that an increase in import costs due to the exchange rate had added a ’straight 20 per cent’ to the project’s cost, according to an email apparently sent by Tottenham Hotspur executive director Donna Cullen.
The email also said some of the cost increase was due to ’revised basement works’, as well as work to build the new Tottenham Experience – the centrepiece of the club’s public areas, housing the club shop and museum.
A fan named Samuel published an email on website Skyscraper City, quoting Ms Cullen as saying: ’It [is] worth remembering that the original cost quoted for the stadium was some seven years ago.
’This new “estimated” figure relates predominantly to the stadium with some elements of substructure for the other builds particularly the Tottenham Experience.
’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. 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.’
At the supporters’ trust meeting in February, Levy said funds for the new stadium ’would come from different sources’.
Tottenham Hotspur today declined to comment.
Construction of the new arena is under way next to Spurs’ existing White Hart Lane home, with one corner of the current ground missing to allow work to begin.
Spurs earlier this year unveiled some of the most expensive views that will be available from its new stadium.