Harry’s got a green light to spend again
TOTTENHAM manager Harry Redknapp will be given money to spend in January, City PM understands, after the club announced record revenues of £120m.
Spurs made a loss of more than £6m, compared to a £33m profit the previous year, but that was affected by player trading and the depreciation in the value of their current squad.
But operating profit surged by 23 per cent to £23m for the year ending 30 June, despite the club not having the boost to their coffers that European competition generates.
With Tottenham enjoying a debut season in the Champions League, estimated to be worth at least another £20m, club insiders are confident revenue will be closer to £150m this year.
Spurs spokesman John Bick told City PM Redknapp would be allowed to spend in the January transfer window, saying: “They [the board] have never refused funding for investment in the squad before.”
He added: “The results are very encouraging, considering there is no European competition in there.”
Tottenham hope to increase revenue in the long-term by leaving White Hart Lane for a larger ground and it is understood the Olympic Stadium remains a serious possibility.
Profit from player trading dropped by £40m, having been very high the previous year, but analysts gave the accounts a positive reception overall.
“The figures look very good,” said Roy Kaitcer, of Brewin Dolphin. “If I was a Spurs fan I’d be pretty happy.”