Business

Tottenham Hotspur achieves record revenue for 2016-17

Chairman Daniel Levy warns of challenges ahead as club races to complete new stadium

Spurs striker Harry Kane of Tottenham Hotspur holds off Andreas Christensen of Chelsea during the Premier League match between Chelsea and Tottenham Hotspur at Stamford Bridge on April 1st.

Tue Apr 3 2018 - 13:55

Tottenham Hotspur has announced record revenue of £306.3 million for the year ended June 30th, 2017, boosted by their highest ever Premier League finish and a Champions' League group stage campaign.

The commencement of a three-year Premier League domestic broadcasting deal helped Spurs earn £149.8 million in TV and media revenue, up from the previous year's £94.8 million, in a season where the club finished second behind champions Chelsea.

Profit from operations, excluding player transfers and before exceptional items and depreciation, rose by £54.3 million to £177.6 million.

Participation in the group stages of the Champions League and the round of 32 of the Europa League resulted in gate receipts and prize money of £44.6 million.

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Despite selling out every game, Premier League gate receipts were down slightly to £19 million from £22.2 million following the demolition of the north-east corner of White Hart Lane midway through last season.

With the club facing a race against time to build their new stadium to be ready for next season, chairman Daniel Levy warned of challenges ahead.

“Extraordinary levels of financial and human resource have seen significant progress on capital projects, with schemes underway at both the new stadium site and our training centre,” Mr Levy said in a statement.

“As custodians of the club we are ever-conscious of the need to ensure the future stability of the club whilst managing its growth,” he said.

“We are in an historic period for the club and there is a growing sense of excitement. There will, however, be many challenges in the coming months as we near the latter stages of the construction of the new stadium and its opening.”

The north London club said cumulative spending on building the new 62,000-seat stadium rose from £115.3 million to £315.1 million during the period.

Mauricio Pochettino’s Spurs, currently playing their home matches at Wembley, sit fourth in the league and have reached the FA Cup semi-finals for a second consecutive season. -Reuters

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