Fri | Sep 17, 2021

Spurs record massive profit

Published:Friday | April 5, 2019 | 12:00 AM

LONDON (AP):

Setting a world record for profit by a football team while keeping player costs down, Tottenham’s financial gamble is paying off — for now.

Tottenham moved back into third place in the Premier League on Wednesday when their new £1-billion stadium opened with a 2-0 victory over Crystal Palace.

The next morning, the club posted their financial report on the British company registry, which showed a profit of £112.95 million in the year ending last June 30. That eclipsed Liverpool’s profit of 106 million pounds last season.

Tottenham have qualified for three consecutive Champions League seasons while generating less income than rivals for the Premier League’s top four places. But Spurs have also spent far less on their squad, according to an Associated Press analysis of financial records.

Tottenham’s turnover of £381 million and wage bill of £148 million was significantly surpassed in the last financial year by the two teams higher in the league — Manchester City and Liverpool — and the three teams below — Arsenal, Chelsea and Manchester United. Those five teams also spent more on agents, who facilitate transfers and contracts negotiations with existing players.

While four of the top six have won the Premier League trophy during the last 15 years, Spurs have not won the English title since 1961 or any competition since the 2008 League Cup.

“When I took over the club (in 2001), Tottenham was not a club that was a regular European challenger,” Tottenham chairman Daniel Levy said Tuesday. “Clearly, we are now, and my dream is obviously to win. We want to win, and winning is both on the pitch and off the pitch. So we are going to keep going until we get both right.”

Tottenham are paying for their 62,062-capacity stadium with a £637-million credit facility that has an April 2022 expiration.