Tottenham Hotspur FC has confirmed the cost of its new stadium will double from £400m to £800, citing Brexit as the main reason for the massive increase.
The club’s director, Donna Cullen, revealed in an email to a fan, then published online, that the rising costs were due to the results of the Brexit vote, while other reasons for the skyrocketing costs were changes to the Tottenham Experience – the main public area of the new stadium, housing the club shop and museum.
Cullen wrote: “Brexit has added a straight 20% 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.”
Mace was appointed as main contractor for the new 61,000-seater stadium project in November 2015. It is due to be completed for the 2018-2019 season.
The new figure of £800m would make the stadium the most expensive in the country, beating West Ham’s Balfour Beatty-built London Stadium, which cost £752m to convert from the Olympic Stadium. The new Wembley Stadium built a few years ago by Multiplex cost £798m.
London rival Chelsea this week had plans for its own new £500m stadium approved by London mayor Sadiq Khan.
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To blame the increase on Brexit is completely disingenous. Where did the other 80% come from? Clearly Brexit is not the main reason.