Brexit blamed for spiralling cost of new Spurs stadium

Tottenham Hotspur’s new stadium could become the most expensive stadium in the country with the cost of the project increasing to an estimated £800M.

Club Director Donna Cullen blamed the weakened pound for cost pressures pushing up the price of the Premier League high flyer’s new home.

Work has been progressing throughout the season on the 61,000 capacity stadium, which will replace current home White Hart Lane.

The cost of construction for the project was estimated at around £400M seven years ago, half the latest total, and sees the club’s new home being built around the existing stadium, which has resulted in a reduced capacity for White Hart Lane.

In response to a supporter’s email, Ms Cullen wrote: “Brexit has added a straight 20% on costs for foreign goods due to the exchange rate, overtime working and increased construction costs similarly.

“It is worth remembering that the original cost quoted for the stadium (£400M) was some seven years ago. This new ‘estimated’ figure (£800M) relates predominantly to the stadium with some elements of substructure for the other builds, particularly the Tottenham Experience.

“Revised basement works also added to the cost. We are constantly managing costs and will continue to do so throughout the process along with funding plans to ensure the viability of the scheme.”

UK Construction Online recently examined the reasons why construction projects often exceed their budget. You can read the special feature here.

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