Spurs tighten purse strings despite gains
TOTTENHAM manager Harry Redknapp has been warned there will be no January spending spree despite the club announcing record profits yesterday.
Spurs made a pre-tax gain of £33.4m for the year ending 30 June 2009 – a figure driven by profits on the sale of players, such as £23m striker Dimitar Berbatov.
With Redknapp’s men riding high in fourth place in the Premier League, a timely cash injection to the winter transfer kitty would boost their chances of qualifying for the Champions League for the first time.
But Tottenham have splashed out almost £30m since the summer, and director Sir Keith Mills believes players may have to be sold if Redknapp wants to buy.
“I think there will be some trading in January,” Sir Keith told City PM “Whether we will be a net spender or a net seller is the chairman’s decision, not mine. If there is any activity I think it will be quite small. I don’t think there will be major changes.”
Tottenham’s pre-tax profit was an increase of more than £30m on the previous year, and was also boosted by media and broadcast revenues, which were up 11 per cent to £44.8m.
Player trading made Spurs a record £56.5m, despite an outlay of almost £120m on signings including David Bentley, Roman Pavlyuchenko, Jermain Defoe and Wilson Palacios. Since July, Spurs have spent another £29.4m on Peter Crouch, Niko Kranjcar, Sebastien Bassong and others. The total £150m outlay over the last 16 months is more than any of the so-called Big Four and second only to mega-rich Manchester City.
After some close shaves, Sir Keith believes Spurs could finally finish in the top four this season.
“The object was to make sure we were in Europe this year, ideally the Champions League,” he added. “And I think we’ve got a great chance. We’ve got some quality in depth, I think we’re fortunate that some of the other teams – Manchester City and Liverpool – are not having things their own way.”
Sir Keith, one of Britain’s most successful entrepreneurs and a non-executive director at Tottenham, is also principal of Team Origin, the British entry into sailing’s America’s Cup, who are working with the Carbon Trust to encourage consumers and companies to reduce emissions.