Tottenham set to report financial boost
Last season’s run to Champions League knockout rounds swells Spurs’ revenues
TOTTENHAM is today expected to report the club’s strongest set of financial results since its listing, with income boosted significantly by last season’s run to the Champions League quarter-finals.
Revenue from broadcast, matchday and commercial streams have all increased while pre-tax profit is expected to be in single figures, following the north Londoners’ first season in the lucrative European club competition, City PM understands.
Spurs listed in 1983 and reported record revenues of £119.8m last year, although the club made a pre-tax loss of £6.5m owing to player signings.
The latest results, for the year ending 30 June, will boost Tottenham’s ambitions of moving to a new, bigger £450m stadium close to their current home. The plans have been held up by negotiations with government, Mayor Boris Johnson and Haringey council. Talks are ongoing but may run into 2012.
An alternative plan to relocate to the Olympic Stadium has been shelved since it was decided that the facility’s athletics track, a sticking point for Spurs, would remain in place for years and perhaps decades to come. Planning permission for a 56,250-seater stadium, which has the working title of the Northumberland Development Project, was granted in October 2010 and the club signed a planning agreement with the council two months ago.
Further progress has been delayed by talks over how much Spurs will have to pay for necessary improvements in transport and other local infrastructure.
Tottenham’s financial strength allowed chairman Daniel Levy to swat away a huge £40m summer bid from Chelsea for Luka Modric (left). A move to a new stadium would allow the club to significantly grow matchday revenue through increased ticket sales and more corporate facilities.