First of all; am I the only one never to have heard “smart as paint” before?
Anyway, that’s how Simon Jordan described Tottenham chairman Daniel Levy over his decision to borrow £175m from the Bank of England.
Levy has tapped into another money pot to help the club cope with the severe economic permutations of the Covid-19 pandemic, which talkSPORT reports could hurt Spurs to the tune of £200m over the next 12 months.
We already have multi-million pound loans out on the new stadium and have been criticised for borrowing more funds, but former Crystal Palace owner Jordan told talkSPORT he thinks it is an intelligent ploy from Levy.
“You know when you buy a house you take a mortgage out,” Jordan said on talkSPORT’s Final Word. “When you build something you often borrow to do it. Tottenham have got various levels of borrowing financing that particular development, and what Daniel is doing is taking slices of borrowing and replacing some borrowing with different borrowing, and rebooting it in a more economic way.
“It’s as smart as paint what he’s doing. He’s basically saying if I’ve got a ticket out there for £500m at six per cent and I can borrow from the government with a 0.5 per cent interest rate, thank you very much I’ll take a slice of that.
“I tried to do something with Daniel offering some finance to him for a season ticket reimbursement, so I know that’s what he’s doing.”
I never know how to feel about Jordan’s take on things. He has an opinion on everything and like most of us; sometimes he’s right, and sometimes he’s wrong. But when he’s wrong, the way he’s wrong is super annoying that it is harder to accept when he’s right. Am I right? Or am I wrong? I’m confused.
We know Levy is a smart businessman and the Bank of England loan is very probably a smart business decision, albeit a slightly unethical one.
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