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
Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
All Blacks Aaron Cruden misses New Zealand flight after drinking session, has brilliant excuse
Manchester City vs Chelsea match report: Frank Lampard shows no joy after denying Chelsea victory
Leicester City 5 Manchester United 3 player ratings: Leonard Ulloa? Radamel Falcao? Jamie Vardy? Angel Di Maria? Who was the star man?
Leicester City vs Manchester United match report: Jamie Vardy runs lopsided United ragged in amazing comeback
- 1 All Blacks Aaron Cruden misses New Zealand flight after drinking session, has brilliant excuse
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': TV reporter Charlo Greene quits live on air in spectacular fashion
- 4 Alicia Keys leaks nude photo 'to create a kinder and more peaceful world'
- 5 Clothes store Joy angers mental health campaigners with Twitter exchange on bipolar disorders
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God