Tottenham Spurs set for £3.5m windfall when they sell luffing tower cranes building their new stadium

Tottenham will enjoy a £3.5 million windfall courtesy of the Tower Cranes which are currently part of the build project on their new stadiumWOLFF 335 B luffing jib tower cranes are currently on site.

The club, who are currently in the process of building their new £750m stadium in North London, are set to move into their new home in the 2018/19 season, but the notoriously shrewd Chairman Daniel Levy has plans to cash in on cranes currently being used on the construction site.

The club purchased their own cranes last year after a UK-wide shortage meant none were available for Spurs to hire. Due to a shortage of cranes for hire Tottenham had to spend £6million buying them.

Costing roughly £870k each, the club bought Wolffkran Tower cranes. Since then global steel prices have skyrocketed, influenced partly by rising Chinese demand, and now stand at around three times what they did 12 months ago, with even higher rises predicted this year.

As a result, the North London club now stand to make around £500k profit on each crane when it comes to selling them, a small bonus when it comes to recouping the cost of the development as a whole.

The £3.5m will come in very handy to Tottenham, whose new ground – which will be ready for the 2017-18 season – will cost £750million.