Champions League failure proves costly for Tottenham Hotspur
London club announce loss for last season
Wednesday 23 January 2013
Tottenham Hotspur posted a loss of £4.3m for last season mainly because they did not play in the Champions League, the Premier League club said yesterday.
Revenue was £144m, a 12 percent decline from the record level of £163m posted in the previous period "primarily due to the absence of Champions League football".
Spurs played in Europe's elite Champions League competition for the first time in 2010/11 when they reached the quarter-finals before losing to nine-times winners Real Madrid.
Merchandising revenue fell by 4 percent but operating costs also dropped 1 percent. Media revenues plus sponsorship and corporate hospitality income jumped 10 percent.
Profit from operations dropped to £23m pounds from £38m for the year ended June 30 2012.
The club said it continued to comply with Uefa's Financial Fair Play criteria and supported its further integration into the Premier League. Spurs are fourth in the league table.
Chairman Daniel Levy said Tottenham were continuing to work on plans for a new stadium next to their White Hart Lane ground, having already moved into a new 77 acre training centre.
"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. We intend to deliver this to the same high standards of the new training centre..." he added.
The north London club, which hopes a new stadium can make a "crucial contribution" to regenerating the local area, made an operating loss after football trading of £1.6m and a loss for the year, after interest and tax, of £4.3m.
Latest in Sport
Kevin Garside: Manchester United may have history and tradition but, as David Moyes never realised, a big-time manager always bends such things to his will
Louis van Gaal denies problem with Wilfried Zaha despite Manchester United forward being given no game time
Calum Chambers: Who is Arsenal's £16m right-back target?
Manchester United latest: Angel Di Maria move no closer as Juan Mata emerges as Louis van Gaal's favoured No 10 as prospect of signing
Arsenal transfer news: Versatile Calum Chambers is a 'gamble', admits Arsene Wenger as Arsenal spending passes £50m
- 1 Secret Cinema: Why were Back to the Future screenings cancelled?
- 2 Christians: The world's most persecuted people
- 3 The secret report that helps Israelis to hide facts
- 4 Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc