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Worth pointing out that many PL clubs also have substantial cash balances, £1.6bn in total, according to this: https://www.mirror.co.uk/sport/football/news/premier-league-boast-16bn-cash-12077017.

The £400m loan was only announced in May 2017. The most recent Spurs results are the 2016/17 accounts so the loan was only agreed towards the end of that period. They had only drawn on £152m of the £400m at that point. The next accounts will show a big increase in their debts and they will be in...