Antonio Conte is set to get major backing in the transfer market after Tottenham’s majority shareholders ENIC Sports Inc agreed to pump £150 million ($185m) into the club.
The news comes just two days after Spurs secured a fourth-place finish in the Premier League to qualify for next season’s Champions League.
Conte has previously indicated his desire to have funds to spend this summer and this announcement suggests he is going to get his wish.
What did Tottenham say about the £150m cash injection?
In a statement Tottenham said the £150m would be raised via “the issue of convertible A Shares and accompanying warrants.”
It added the investment “represents permanent capital, with no ongoing interest cost to the club" and would provide them with “greater financial flexibility and the ability to further invest on and off the pitch.”
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The north London side completed the construction of the Tottenham Hotspur Stadium 2019 and have also invested considerably in the club’s training ground in recent years.
“The delivery of a world-class home was always a key building block in driving diversified revenues to enable us to invest in the teams and support our ambitions to be consistently competing at the highest levels of European football,” said Tottenham chairman Daniel Levy.
“Additional capital from ENIC will now enable further investment in the club at an important time.’’
Jonathan Turner, Tottenham’s independent non-executive director, added: “We are pleased to welcome this investment which demonstrates the unequivocal support and commitment of our majority shareholder, ENIC. It is a timely injection of funds to ensure we can continue to grow the club we all love and underlines the Board’s continued ambitions for success.”
The news is likely to be a huge boost for Conte, who was appointed Spurs boss in November with the club eighth in the Premier League.
He appeared to question his future after a defeat at Burnley in February but a run of eight wins from their final 11 games saw them pip rivals Arsenal to fourth place.
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