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Tottenham Hotspur leave stock market to raise funds for new stadium
SPURS have delisted their shares from the stock market, returning the club to private ownership.
The move – which was announced in November – forms part of plans to raise money for a new stadium, likely to be a 56,000-seater venue dubbed the Northumberland Park Project.
Friday was the last day of share dealing at the club, with the switch to private ownership happening this morning.
Chairman Daniel Levy said two months ago that the club being listed “restricts our ability to secure funding”, adding that “increasing the capacity of the club’s stadium is a key factor in the continued development and success of the club”.
The step forward in the Northumberland Park project comes after a year of legal battles over the club’s bid for the Olympic Stadium.
West Ham were handed the stadium in March after a bitter bidding process, but after Spurs launched lengthy legal action against the Olympic Park Legacy Company, ministers decided to scrap the plan and decided it should remain public propety.
The stadium is still likely to be rented to a football team after the 2012 Games, with Mayor of London Boris Johnson saying it would “almost certainly be West Ham”.