The economic effect of Tottenham's failure to qualify for the Champions League last season was laid bare as the club announced a loss of £4.3million for the 2011-12 financial year.
Tottenham posted a loss of just over £4million for the year ending June 30, 2012, compared to the profit of £700,000 they recorded the year before, which covered the period when they were competing in the 2010-11 Champions League.
Total club revenue for the year was £144million, 12 per cent lower than the year before, while Spurs said "profit from operations" dropped to £23million from £38million.
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