DLA Piper has advised Goldman Sachs Bank USA, HSBC Bank plc and Bank of America Merrill Lynch International Limited on their financing of Tottenham Hotspur's new, multi-purpose, 61,500 seat stadium. The financing package consists of a £400,000,000 development term loan and a £25,000,000 revolving credit facility.
The innovative stadium project is one of the biggest projects of its kind in Europe and, once completed, will host NFL games and numerous other events, in addition to being Spurs' new footballing home.
The DLA Piper team was led out of London by partner Paul Gray together with Lewis Gaut (associate), Tim Nolan (senior associate) and with strategic input from Media Sports and Entertainment Sector Global Co-Chair, Peter White and partner Randi Bernstein, both New York.
Construction advice was provided by Stephen Malley (partner), Corinne McCarthy (legal director) and Claire Glew (senior associate). The Real Estate team was led by partner Paul Jayson and Sally Whitney (legal director). Nick Fitzpatrick (partner) and Patrick Mitchell (partner) provided specialist Sports and Media advice. The DLA Piper team also consisted of Neville Wright (partner, Tax) John Delamere (partner, Finance & Projects) and Andrew Batterton (partner, Planning).
Lead partner Paul Gray said: "This was a hugely exciting project on which to work and is an excellent example of DLA Piper's U.K. and U,S offices working seamlessly together across a number of practice groups within the Real Estate and Media, Sports and Entertainment Sectors. I would like to congratulate everyone involved."
This transaction represents the further strengthening of DLA's Piper's European Real Estate Finance and Sports Finance practices with the firm having recently advised A.S. Roma on its team refinancing, and the corporate reorganization of its IP and media business. DLA Piper continues to represent A.S. Roma and its affiliates in connection with all aspects (including real estate, finance and construction) of the new Stadio della Roma Project located at the Tor di Valle site in Rome, Italy. The new stadium will seat 52,000 spectators with room for expansion for larger events.
Slaughter & May and Rothschild & Co. advised Tottenham Hotspur.