Tottenham Reports Record Profits
Tottenham Hotspur has reported record profits in its latest financial report after making big gains from selling a number of its players.
The football club said pre-tax profits jumped to £33.4m for the year to 30th June, up from £3m the previous year.
Spurs made a record player trading profit of £56.5m, up from £16.4m in 2008, on sales of players, including Dimitar Berbatov to Manchester United.
Tottenham said the money it had made had been reinvested in strengthening its squad and the club has recently submitted a planning application for a new 56,000-seat stadium.
Media and broadcasting revenues increased by 11% to £44.8m while the club said leasing of corporate boxes and lounge memberships at White Hart Lane had fallen because of the recession.
Tottenham, which has 23,000 club members on the waiting list to buy season tickets, also said merchandise had seen a ‘flattening out’ of sales.
The club has also now agreed partnerships with Brazilian club Sport Club Internacional ‘that will enable us to track emerging talented players from Brazil and the rest of South America’.
It also concluded tie-ups with US football club San Jose Earthquakes and South China in Hong Kong.
