Spurs new stadium has spursy - Delayed

[Wymsey]

With safety laws becoming a big thing in general, quite doubt this is true tbqh.

Probably an Arsenal fan trying to wind their neighbours up.

[KingsX]

This level of overruns could really impact Spurs’ squad.  It took Arsenal a decade to pay down half of their club debt after they built the Emirates, and look how things trended.  As Wenger put it *,

 

“In 2006 the most difficult period of my life started. We had restricted finances, we had to pay back a huge amount of money and we had to sell our best players. We had to stay in the top, to stay in the Champions League and at least to make 54,000 people [attend] ... It went to over £420m. We had to pay a huge amount of money back every year. If you told me today I’d do that again I would say ‘no thank you, I’ll leave that to someone else.”

 

Wenger recently warned Tottenham that they will face an enormous challenge to remain competitive in the coming years when they move into their new £750m stadium on White Hart Lane, whilst he claimed West Ham had “won the lottery” when they were announced as tenants of the former Olympic Stadium last year.

 

Spurs already pulled back all transfer spending with one eye on the planned debt.  If this fiasco lumps another 10 or 20 million a year onto their debt service, will they now have to sell more players, and/or forego future contract extensions like Kane’s?

 

Levy and co. can figure that out while distracted by litigation over who (sure reads like THFC) is responsible for very expensive overruns.  Because somebody (sure reads like THFC) figured they were too smart to go with the proven model for construction management.

 

The new WHL will probably work out in the long run.  But today?  That sucking sound you hear is Spurs’ “golden generation” going down the drain, unencumbered by hardware. 

 

* interview source: https://www.standard.co.uk/sport/football/arsene-wenger-arsenals-move-to-the-emirates-stadium-was-the-most-difficult-period-in-my-life-a3549976.html

** yes, I'm aware Wenger has an axe to grind, and bears considerable responsibility for the decline.  But a heavily indebted club is always a less competitive club. 

[KingsX]

2 hours ago, Arkie Bennett said:

From Construction News 20 September 2018

 

 

Thanks for posting this.  I looked it up and found these comments (for whatever they may be worth):

 

[fuchsntf]

So only fools n horses has returned!!!!

[Beliall]

On 14/08/2018 at 09:10, Voll Blau said:

Clubs have switched mid-season before. I remember Hull did it a few years ago.

 

 

Think there's some issue with Wembley being double-booked for an NFL game when Spurs are due to be at home to Man City, isn't there? Wouldn't be at all surprised if both clubs tried to push for their game to be played abroad themselves...

i wanna see spurs v oakland raiders

[urban.spaceman]

That article was such an hilarious read I don't care how much of it is true or not. 

 

I just want it all to go wrong for them. Very badly wrong. 

 

Please?

[ozleicester]

4 hours ago, Beliall said:

i wanna see spurs v oakland raiders

Spurs would come third

[Jattdogg]

Bottlers on the pitch, bottlers in the ownership and bottling their stadium.  At least they are consistent

[CosbehFox]

9 hours ago, Wymeswold fox said:

With safety laws becoming a big thing in general, quite doubt this is true tbqh.

Probably an Arsenal fan trying to wind their neighbours up.

It will be true. Building sites are absolutely brutal places, full of Male bravado. I’m sure folk who visit them day after day can occur (I currently visit a site once a week myself) 

[kingcarr21]

As a Project Planner for Multi-Million pound projects reading that article has hurt my eyes. I can certainly see that being the main reason for the delays. Its critical everyone sings from the same hymn sheet. 1 Schedule for the whole project and every contractor work to that schedule. When you introduce multiple subcontractors into such a high profile project they are only in it for the money, only worried about their own work and will do the minimum effort.

 

If Spurs hired one company to do the bulk of the work then the subcontractors they bring in are credible, a schedule would be in place with a scheduler on site doing regular updates to show various impacts on end date/next task. Meeting with the various subcontractors and explaining the impact their work will have on others.

 

I mentioned before my brother in law has spent the last few weeks at the site to sort out the health & safety. He says it wasn't as bad as the papers make out but there were certainly things to sort out.

 

I used to work on the jobs that I now plan, so I know what the drink and drug life is like. On the stations I worked on they always had 0 tolerance and had regular random drug/alcohol tests. Amount of times I would get pulled over when walking in the gate to ask for a cup of piss. Numerous people would get caught. They do it more through boredom, working away from home with nothing else to do than sit in a pub in between shifts. So that message saying people taking coke in the toilets, if there is no control then it wouldn't surprise me to think that was happening.

 

Its all fun and games  

[CosbehFox]

7 minutes ago, kingcarr21 said:

As a Project Planner for Multi-Million pound projects reading that article has hurt my eyes. I can certainly see that being the main reason for the delays. Its critical everyone sings from the same hymn sheet. 1 Schedule for the whole project and every contractor work to that schedule. When you introduce multiple subcontractors into such a high profile project they are only in it for the money, only worried about their own work and will do the minimum effort.

 

If Spurs hired one company to do the bulk of the work then the subcontractors they bring in are credible, a schedule would be in place with a scheduler on site doing regular updates to show various impacts on end date/next task. Meeting with the various subcontractors and explaining the impact their work will have on others.

 

I mentioned before my brother in law has spent the last few weeks at the site to sort out the health & safety. He says it wasn't as bad as the papers make out but there were certainly things to sort out.

 

I used to work on the jobs that I now plan, so I know what the drink and drug life is like. On the stations I worked on they always had 0 tolerance and had regular random drug/alcohol tests. Amount of times I would get pulled over when walking in the gate to ask for a cup of piss. Numerous people would get caught. They do it more through boredom, working away from home with nothing else to do than sit in a pub in between shifts. So that message saying people taking coke in the toilets, if there is no control then it wouldn't surprise me to think that was happening.

 

Its all fun and games  

I don’t know what total berk at Spurs thought construction management route was the best way in getting a stadium constructed. If you were Mace, you would be pulling your hair out day to day on it. 

[KingsX]

6 hours ago, Cardiff_Fox said:

I don’t know what total berk at Spurs thought construction management route was the best way in getting a stadium constructed.

 

[KingsX]

Union FS:  your mission, should you choose to accept it:

 

 

This golden chicken measures 4.5 meters long.  You are to extract it from the Spurs construction site, transport it to Filbert Way, invert it 180 degrees, and bury it up to the neck Ostrich-style.

 

Should you or any of your force be caught or killed, the Secretary will disavow any knowledge of your actions.  This Post will self-destruct in ten seconds ...

 

[purpleronnie]

[Guest MattP]

Does look good doesn't it? Fans close to the pitch as well. 

[goose2010]

surprised there is no branding in the seats at all, but does look impressive for a 'new stadium'

[urban.spaceman]

[Izzy]

A mate of mine (West Ham fan) is in charge of all the electrics on level 8 of the new stadium. Daniel Levy gathered all the contractors together last week and told them he wants it ready for November 24th for the Chelsea game. 

 

Reckons it will cost close to £1billion when done vs an original budget of £400m. Apparently the NFL pitch is underneath the football pitch?

 

 

[grobyfox1990]

10 minutes ago, Izzy Muzzett said:

A mate of mine (West Ham fan) is in charge of all the electrics on level 8 of the new stadium. Daniel Levy gathered all the contractors together last week and told them he wants it ready for November 24th for the Chelsea game. 

 

Reckons it will cost close to £1billion when done vs an original budget of £400m. Apparently the NFL pitch is underneath the football pitch?

 

 

Yep. A firm from Leicester built it.

[stripeyfox]

6 hours ago, Izzy Muzzett said:

A mate of mine (West Ham fan) is in charge of all the electrics on level 8 of the new stadium. Daniel Levy gathered all the contractors together last week and told them he wants it ready for November 24th for the Chelsea game. 

 

Reckons it will cost close to £1billion when done vs an original budget of £400m. Apparently the NFL pitch is underneath the football pitch?

 

 

Yep. It also has dedicated NFL changing rooms, media areas and tunnel. tbf it does look shit hot - easily the best new stadium anywhere, but the price is crazy!

[Wymsey]

6 hours ago, Izzy Muzzett said:

A mate of mine (West Ham fan) is in charge of all the electrics on level 8 of the new stadium. Daniel Levy gathered all the contractors together last week and told them he wants it ready for November 24th for the Chelsea game. 

 

Reckons it will cost close to £1billion when done vs an original budget of £400m. Apparently the NFL pitch is underneath the football pitch?

 

 

Hopefully, unlike West Ham's stadium, the taxpayer won't pay a single penny for it..

[Izzy]

10 minutes ago, stripeyfox said:

Yep. It also has dedicated NFL changing rooms, media areas and tunnel. tbf it does look shit hot - easily the best new stadium anywhere, but the price is crazy!

Apparently the NFL only invested £10m in the building of the stadium - tight gits!

[ajthefox]

8 hours ago, Izzy Muzzett said:

A mate of mine (West Ham fan) is in charge of all the electrics on level 8 of the new stadium. Daniel Levy gathered all the contractors together last week and told them he wants it ready for November 24th for the Chelsea game. 

 

Reckons it will cost close to £1billion when done vs an original budget of £400m. Apparently the NFL pitch is underneath the football pitch?

 

 

A Hammers fan in charge of part of spur's stadium, what could possibly go wrong 

[Guest Manini]

Looks very nice tbh. That big single tiered Kop will be sensational. 

[urban.spaceman]

Spurs stadium loan rockets up to £500m to cover rising costs

• Senior sources close to build confirmed club extended line of credit by £100m
• The club signed a £400m, five-year loan, to finance the construction in May 2017
• Since, state-of-the-art 61,500 capacity stadium build has fallen behind schedule
• It has been hit by delays caused by faulty wiring affecting critical safety systems

By Alex Miller For The Mail On Sunday

Published: 22:30, 20 October 2018 | Updated: 09:56, 21 October 2018

Spurs have extended their stadium loan to £500million to cover the rising costs of the delayed construction.

Senior sources close to the stadium build have confirmed the club has extended their line of credit by £100m to cover rising costs.

The club signed a £400m, five-year loan with Bank of America Merrill Lynch, Goldman Sachs and HSBC, to finance the construction in May 2017.

Tottenham have extended stadium loan to £500million to cover costs of delayed construction

Amazing time-lapse showing construction of the new Spurs stadium

 

 

Since then, the state-of-the-art 61,500 capacity stadium build has got behind schedule after being hit by delays caused by faulty wiring affecting critical safety systems.

The stadium was intended to open for the game against Liverpool on 15 September.

It is understood the faults have still to be completely resolved. A club spokesman wouldn't comment on club finances, but added: 'Every day sees progress in terms of the systems.'

But a source close to the build said: 'There are literally thousands of miles of wiring to cover, in order to find the faults. Some of the wiring has been built over.'

The ongoing delays have increased the likelihood that the stadium may not be ready to host football matches until the Spring - pushing up construction costs further.

Senior sources close to stadium build confirmed club has extended line of credit by £100m

The additional loan facility would help the club cover any additional costs.

The £400m loan announced last year, replaced a £200m interim financing that was put in place in December 2015.

Chairman Daniel Levy admits costs have 'definitely risen' with the club due to give an update and a new opening date at the end of the month.

Speaking to a recent club supporters' trust meeting, Levy admitted the delays were not just the fault of one contractor.

Chairman Daniel Levy (R) admits costs for the 61,500-capacity stadium have 'definitely risen'

The minutes of the meeting said: 'DL (Daniel Levy) confirmed they were down to several contractors.'

If the club were to draw the full £500m loan facility, it would give the club the biggest debt of any club in Europe.

According to this year's UEFA Club Licensing Benchmarking Report, Manchester United currently has the highest net debt among European football clubs, standing at £487m.