There isn’t much liquidity on the Spurs balance sheet and we will quickly run out of money if this drags on without making cuts somewhere.

One of the bank covenants will be interest cover - basically our revenue has to cover our interest by let’s say 2/3 times - I would imagine with little income over the next few months we will breach that - but by continuing to service the debt no bank will default is at this time

So with interest annually at £25m, that’s another c. £2m a month in interest payments, so to continue to pay all of our staff at £14m a month, with another £2m in interest expense, you are looking at £16m a month before other overheads in the stadium

And the training ground and so on...

So if you look at keeping to pay all of our staff, and keep up with interest, we could last 8 months without and I emphasise without, any money coming in, without looking at other expenses or taking out other loans..

Which in effect means - Spurs have 8 months to save the business

Take Barcelona as another example - their wage to income ratio is 83%.
So, 17% of all their income is all they have left on other stuff.

The mighty Barcelona may not even make it out of this crisis - unless they do a Levy and/or reduce player salaries even more...

On Barcelona, Messi gets £500k per week, £26m a year - 30% of that is £8m, so it’s a lot easier to pay staff out of Messi’s pocket.
So a pay it was an operational necessity for Barca.