TOTTENHAM ANNOUNCE RECORD PROFITS
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Tottenham have announced record financial results for the six months ending on December 31, 2008, with increased revenue and confirmation that submission for planning permission for the club’s new stadium is due within the next few months.
The North London outfit announced that their revenue had increased by £400,000 on the same period a year earlier, and also revealed they had increased their total assets by a substantial 65 percent from £177m in December 2007 to £291.7m.
Spurs also stated they had made a record profit from operations at £42.2 million, boosted significantly by player trading – taking into consideration the sales of Robbie Keane to Liverpool and Dimitar Berbatov to Manchester United last summer.
Spurs chairman Daniel Levy said of the news: "I am pleased to announce another set of record financial results for the six months ended 31 December 2008.
"In a period of global economic recession this is a considerable achievement and we acknowledge that both the strength of our business and the fantastic loyalty shown by our supporters have helped ensure that these results have not been materially affected."
The club’s Northumberland Development Project – which incorporates a new 60,000-seater stadium as well as residential and retail facilities – is also due to be fully submitted for planning permission ‘in the next few months’.
"We have benefited from having a robust business that is well financed and has continued to be able to support investment in the first team, whilst progressing two major capital expenditure projects, the new training centre and the Northumberland Development Project," added Levy.
"We remain mindful of the prevailing economic climate from which no one can consider themselves immune.”
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TOTTENHAM ANNOUNCE RECORD PROFITS
Spurs chairman Daniel Levy says the business is robust
TOTTENHAM posted record pre-tax profits of £39.8million today.
Spurs’ financial results showed an increase in revenue, record profit from operations and total assets that value the club close to £300million.
The club saw their profits dramatically increase in the final six months of last year due to selling Dimitar Berbatov and Robbie Keane in the summer.
But the figures are expected to be balanced out with the next results as Spurs bought back Keane in January and also signed Jermain Defoe, Wilson Palacios and Pascal Chimbonda.
Defoe and Chimbonda, like Keane, had left Spurs less than a year before rejoining. Spurs chairman Daniel Levy said: "During the 2008 summer transfer window, gains were made on the sales of a large number of registrations.
“However it needs to be noted that the club did not make the player trading profits in a manner that was planned or welcomed as they arose, in the main, from the regrettable sale of certain key players.”
The White Hart Lane club announced today they will be exploring various avenues to finance their new stadium. Levy added: “As we continue to assess the contributions to the scheme we obtain more clarity on the funding gap which will have to be financed."
Naming rights for the new stadium is one source of revenue, as is the possibility of issuing more shares. Spurs will start preliminary work in April for their new training centre in Enfield and the full planning application for the Northumberland Development Project is due in “the next few months”. -
Of course lah...sell berbatov already got £30m, then Robbie Keane £20, bought back at £12m...already £8m profit...
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yeah, if there are more fat fish club like liverpool who buy and sell player in the same season losing 8million pound. more club will be very happy!!!