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Cash injection purely for capital projects

Tottenham Hotspur (Spurs) Football Club is located in North London. The club is also known as Spurs. Tottenham's home ground is White Hart Lane. The club motto is Audere est Facere (To dare is to do).

It is rare that we seek to respond to speculation in the press. But an article in today’s Daily Express is so misleading that we have no choice.

Headed 'Hoddle wants Heskey' and 'Spurs to bid £12m for unsettled Kop striker' the 'exclusive' article by Tony Banks claims that the £75 million financial facility recently raised by the club will be used to buy players.

This is totally untrue.

Manager Glenn Hoddle has his own transfer fund but the new facility is purely for capital projects. The £75 million is to help us build our new Academy and first team training headquarters, redevelopment at the main ground - whether at Tottenham or elsewhere - and to consolidate existing debts.

Even if we wanted to spend the money on players, it would not be possible because of the way the deal is structured. In fact it would be illegal to use the money in this way.

This statement has been issued because such irresponsible journalism raises expectation that can then lead to disappointment. We went to great lengths, including issuing a press release and statements here on our official web site, to explain just how this money will be spent and to ensure that there was no confusion with transfer funding.

Unfortunately, the message was ignored in this instance and we believe that our supporters should be kept correctly informed.