Tottenham have reported record annual revenue of almost £120million - and a move to raise more funds for stadium redevelopment. Spurs said that full houses for every Premier League match at White Hart Lane had resulted in increased gate receipts and merchandising revenues, which contributed to the record revenue of £119.8m for the year to June 30, up from £113.0m in 2009.
And the club proposed to de-list from the AIM stock market in a move to make it easier to secure more cash for a redeveloped stadium.
Commenting on the proposed de-listing, Spurs chairman Daniel Levy said: "It is clear to us that increasing the capacity of the club's stadium is a key factor in the continued development and success of the club and will involve the company in considerable additional capital expenditure.
"Given this requirement, we believe that the AIM listing restricts our ability to secure funding for its future development.
"We are ambitious for the club and have always taken the steps that we believe to be in its best interests."
Profit from operations, excluding football player trading, rose to £22.7m from £18.4m.
However, including player trading the club made an operating loss of £24.1m, against a previous profit of £18.0m.
Player trading profit was £15.3million, down from the previous £56.6million. The year 2009 included the sale of Darren Bent to Sunderland, Didier Zokora to Sevilla and Kevin-Prince Boateng to Portsmouth. The comparative figure for the prior period included significant gains made on the sales of the Dimitar Berbatov and Robbie Keane.
The club reported a pre-tax loss of £6.5m, against a previous profit of £33.4m.
The Olympic Park Legacy Company (OPLC) was in October instructed to start a new process to secure tenants for the Olympic Stadium post-London 2012 after February’s original decision to award the stadium to West Ham United sparked legal challenges from Tottenham and third tier team Leyton Orient. Tottenham had sought a judicial review in the belief that a £40 million loan from Newham Council gave West Ham an unfair economic advantage and made the original decision unlawful.
Levy hinted that Tottenham was duped into bidding for the Olympic Stadium. “We were certainly encouraged to bid for the stadium, but knowing what we now know in terms of the government’s requirement to retain the (running) track, if we’d known that at the beginning we would not have bid,”
Tottenham reportedly needs to raise £300-£350 million to build the new 60,000-seat stadium at Northumberland Park, and Levy has previously stated borrowing money will be easier if the club is privately owned. The club’s AGM outlined that the earliest date Tottenham can be re-registered as a private limited company is January 17.