English Premier League club Tottenham Hotspur has reported record profits, breaking the mark for world football set by Liverpool in February.
In its financial results for the year ending June 30, 2018, which have been lodged at Companies House, the North London club has reported an after tax profit of £113m (€132.1m/$148.2m), up from £36.2m for the previous year. Profit before interest and taxation stood at £157.1m, up from £72.9m.
Spurs also reported record revenues of £380.7m, an increase of £71m over the previous 12 months. This included significant increases in gate receipts, £42.6m over £19m, as the club profited from its temporary stay at Wembley Stadium, pulling in average attendances of 68,500 for the financial year.
Having been initially due to move into its new 62,062-seat stadium back in September, Spurs finally christened its new home yesterday (Wednesday) with a 2-0 Premier League win over Crystal Palace. In a message to fans ahead of the game, chairman Daniel Levy, the major player behind the stadium development, acknowledged that the club had benefited from its temporary stay at Wembley.
Levy said: “The increased capacity at Wembley meant that over 90,000 additional, new ticket purchasers joined our database, and saw the team play, buying 340,000 tickets between them. This would never have been possible at White Hart Lane and also not possible at our new stadium.”
Tottenham’s financial results also saw revenue from sponsorship and corporate hospitality rise from £60.7m to £93.5m. The accounts also demonstrated that the bank loan taken out by the club for the new stadium increased from an initial £400m to £537m, payable by 2022.
In his address to fans regarding the stadium, Levy said: “Eighteen years ago we embarked on what has been a monumental and, at times – I don’t mind saying – almost overwhelming, task. The financial, operational, logistical, planning and resourcing it has taken has been immense. There is a reason massive projects like this are seldom undertaken by private entities, particularly ones of our modest size.
“It was 2001 when we realised that a key part of making this club one of the top 10 clubs in the world was building an increased capacity stadium. You simply cannot be a big club with a 36,000-seater stadium.”
Levy added: “We did not just want to build a stadium. We wanted to change the prospects for those that live in this part of London, particularly after the 2011 riots, and for our stadium to be the flagship development that kick-started its regeneration. The word regeneration is often used. It’s important to understand what we mean when we use it.
“We see it as bringing hope, prosperity and uplift to Tottenham, embracing the local community, building on the character and talents of the area. Our vision is that our neighbourhood is a prosperous mixed community. If you live here you should be able to study, work and play here.”