Spurs to go private but refuse to sell stars to fund stadium move
TOTTENHAM will not be forced to sell stars such as Luka Modric as a means of generating cash for their proposed move to a new £450m stadium, City PM understands.
The club yesterday announced its intention to de-list from the AIM stock market in January, in a move it hopes will leave it better positioned to raise funding for the Northumberland Development Project.
But Spurs insiders have ruled out sacrificing the likes of midfielder Modric, the subject of a £40m bid from Chelsea earlier this year, in order to offset the “considerable capital expenditure” predicted by chairman Daniel Levy.
Levy added: “We believe that the AIM listing restricts our ability to secure funding for [the stadium’s] future development.”
Tottenham’s plans to go private leave Arsenal as the only listed English club and came as Spurs published its annual results, which showed record revenues for the year ending 30 June – as revealed yesterday in City PM
A run to the quarter-finals of the lucrative Champions League swelled income by more than £40m to £163.5m, with significant increases in gate receipts, merchandising and sponsorship revenues.
Pre-tax profit was £400,000, an improvement on last year’s £6.5m loss. However that figure looks likely to return to the red for the current year, with the club missing out on qualification for the Champions League, unless players are sold.