Football

Spurs announce record profits

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

Spurs announced record pre-tax profits of £39.8million in their interim results for the final six months of last year and also explained 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," 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 £300million.

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.

"It reflects well on the club that these players chose to return to us," Levy said.

He added: "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."

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Topics:
Tottenham Hotspur
Robbie Keane
Dimitar Berbatov
Football
Premier League
Jermain Defoe
Wilson Palacios
Pascal Chimbonda

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