Tottenham to decide on funding for new stadium

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The Independent Online

Tottenham Hotspur will be exploring various avenues to finance their new stadium, financial figures have revealed.

Spurs announced record pre-tax profits of £39.8m in their interim results for the final six months of last year and also explained that decisions remain to be made on how to finance the Northumberland Development Project, their proposals for a new ground on the site of White Hart Lane.

"As we continue to assess the contributions to the scheme we obtain more clarity on the funding gap which will have to be financed," the Spurs chairman, Daniel Levy, said in a statement.

Naming rights for the new stadium is one source of revenue, as is the possibility of issuing more shares.

Spurs' results showed an increase in revenue, record profit from operations and total assets that value the club close to £300m. Selling Dimitar Berbatov and Robbie Keane in the summer accounted for the dramatic increase in profits, although 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.

Portsmouth, meanwhile, have postponed plans to build a new stadium because of the economic downturn. They will instead focus on re-developing Fratton Park to boost capacity to 30,000 by the beginning of the 2011-12 season. The club still hope to have their new Port Solent Stadium ready in time for it to be considered as a World Cup venue, should England be successful in winning hosting rights for 2018 and 2022. "The issue of the credit crunch has affected housing and almost all other developments, as well as lenders' attitudes to large projects," sadi a club statement.

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