Club published financial statements for the year ending June 30, 2023 showing turnover exceeded half-a-billion pounds but losses of £86.8 million
Tottenham Hotspur chairman Daniel Levy says the Premier League club are “in discussions with prospective investors” in a bid to “capitalise on our long-term potential”.
The North London club on Tuesday published its financial results for the year to June 30, 2023. Turnover exceeded half-a-billion pounds for the first time, with the figure of £549.6 million a significant increase on £444m for the previous year.
However, operating expenses including first-team costs have risen by 21 per cent to £487.9m, with a loss of £86.8m put down to “significant and continued investment in the playing squad”.
“Our turnover has exceeded half a billion pounds for the first time. Whilst Uefa monies contributed, this has also been driven by increased stadium revenues from both football and non-football events and additional revenue streams.
“This is the impact of our multi-use stadium and what our Board has been focussed on delivering in order to invest in our football in a financially sustainable manner. The absolute priority for our club is to deliver on-pitch success.”
Spurs finished a disappointing eight in the 2022/23 Premier League season to miss out on European football for the first time since 2010.
The sale of several players, most notably record scorer Harry Kane, who joined Bayern Munich last August in a deal worth in excess of €100 million (£85.5m), fell outside the financial year and are not factored into the results.
Tottenham are currently fifth in the Premier League as they chase a return to Champions League football. They are next in action at home to Nottingham Forest on Sunday.
Levy said the club expects commercial revenues to rise from third-party events, such as hosting music concerts, boxing events and NFL matches at the club’s 62,000-seater Tottenham Hotspur Stadium “although this will not compensate for the lack of European football this season”. The English club also expects the impact of rising costs, caused by geo-political events, to continue to impact “all areas of operations”.
Levy concluded his statement saying that Spurs were looking for an injection of equity, though did not reveal any details of any talks with potential investors.
“To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base,” he added.
“The board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the club’s shareholders.”
Copyright © 2024
Leave a Reply