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Premier League: Tottenham Hotspur announce £1.5m profit as well as plans to move to new stadium by 2017

 

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Tottenham released their finances for the year ending 30th June 2013, with a slight profit setting them in good stead for their on going new stadium plans.

A statement on the club's website read: "Revenue for the year ended 30 June 2013 was £147.4m, an increase of 2% on the prior year (2012: £144.2m)."

"Profit from operations excluding football trading and before depreciation was £23.4m (2012: £23.0m) for the year ended 30 June 2013. Looking back over the past five years this measure of cash generated from operations has averaged over £25m per annum. Profit for the year after interest and tax was £1.5m (2012: loss £4.3m)."

"Premier League gate receipts rose by 4% to £22.2m (2012: £21.4m) while gate receipts and prize money from the domestic cup competitions and the UEFA Europa League were 14% higher at £11.3m (2012: £9.9m)."

 Spurs are still waiting for permission to attain the remaining properties needed to build their new stadium, and the statement by the club seemed positive that they would achieve their goal.

"In respect of the next stage of the new stadium process, a Public Inquiry was held in April 2013  relating to the last remaining property to be acquired so that we can move forward with completing land assembly and we currently await the Secretary of State’s decision on the Compulsory Purchase Order (‘’CPO’’)."

"During the delay in land acquisition, we have continued to progress the stadium finance plans with advice from N M Rothschild."

"It is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of Summer 2017 feasible."

Chairman Daniel Levy said in a statement on the website: "We have fantastic, strong support. Our current 36,000-seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000. We cannot stress strongly enough how critical the new stadium is over the long-term to these raised expectations."

"We have the smallest capacity stadium of any club in the top 20 clubs in Europe, let alone the current top four Premier League clubs, and given we now operate within UEFA Financial Fair Play rules, an increased capacity stadium and associated revenues is fundamental to supporting the future ambitions and consistent achievement at the top of the game."

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