Lack of Champions League Football Leaves Tottenham's Profits Down
Wed 23rd Jan 2013 | Money & Finance
Tottenham Hotspur have posted a profit of £23m, for the year ending 30 June 2012.
But Spurs’ failure to qualify for the Champions League meant a £15m drop in profits on the previous year (2011: £38m) with total club revenues of £144m, 12% lower than the prior year (2011: £163m).
Despite this, revenues continued to increase on the commercial front with media revenues increasing 10% and Sponsorship and Corporate Hospitality also increasing 10%. Merchandising was 4% lower largely due to the lack of Champions League participation, but the focus on cost control ensured that operating costs were also lower, down 1% on the prior year.
Spurs also made an operating loss after football trading of £1.6m (2011: Profit £1.4m) and a loss for the year after interest and tax of £4.3m (2011: Profit £0.7m).
In a Shareholder update, Chairman, Daniel Levy reiterated the club’s long term aim of moving to a new stadium to address the limitations placed on match day income by the current stadium. With Phase 1 of the Northumberland Development Project now underway, Levy commented: "We are ever ambitious for the club, driving all areas of the business and our focus continues to be the delivery of an increased capacity stadium.
“There is much work to be done refining the detailed design and resolving the final development issues.”
Tottenham opened and moved into its new 77 acre Training Centre in July 2012, a facility that has attracted many accolades.
Levy remained confident that the new stadium would match the standards set at the training facility, adding: “We intend to deliver this to the same high standards of the new Training Centre and to reward our incredibly loyal supporters with a world class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London."
Posted by: Aaron Gourley
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