Tottenham Reveals Cost Of Cl Absence
Tottenham Hotspur FC has announced a loss of £4.3m for the 2011/12 financial year, after missing out on Champions League football. Club revenue was down 12% to £144m from £163m while profit from operations dropped to £23m from £38m.
Spurs did not qualify for the Champions League and missed out last season, despite finishing fourth, after Chelsea won the competition in Munich.
The figures also revealed that commercial revenues continued to increase but merchandising fell by 4% as the club made a loss of £1.6m before interest and tax – down from a £1.4m profit the previous year.
In better news for the club, who sit fourth in the Barclays Premier League, Spurs are on course to comply with UEFA’s financial fair play rules.
The club is also building a new stadium adjacent to White Hart Lane, which will increase revenue due to a greater capacity, and moved to a new training centre in Enfield at the start season in a bid to nurture its home-grown talent.
Club chairman Daniel Levy told BBC Sport: ‘Our focus continues to be the delivery of an increased capacity stadium. There is much work to be done refining the detailed design and resolving the final development issues.’
‘We intend to deliver this to the same high standards of the new training centre and to reward our incredibly loyal supporters with a world class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London.’
