Tottenham set world-record annual profit for a football club of 113 million pounds

Tottenham set world-record annual profit for a football club

London: Tottenham Hotspur posted a world-record profit of 113 million pounds ($148 million) after tax last year, the Premier League club stated — the day after they officially opened their new 62,000-seater stadium. With income growing suddenly as a result of player sales, hosting home matches at Wembley and a Champions League run, Tottenham’s profit surpassed the 106 million pounds described by Liverpool earlier this year.

Tottenham became the first Premier League club not to make any signings in the summer transfer window last year and also unsuccessful to add to their squad in the month of January. The club was supposed to move into their new stadium, the cost of which has risen to one billion pounds, at the start of the current season but a series of delays meant home matches had to be played at Wembley. While it was a frustrating wait, the extra capacity at Wembley permitted Tottenham to sell around 340,000 extra tickets, to chairman Daniel Levy. Tottenham’s income increased from 310 million pounds to a new club record 380 million pounds, with Premier League match day revenue rising from 19 million to 42.6 million. The club’s Champions League revenue also rose to 53 million pounds after reaching the last 16 in 2017-18. This season they have reached the quarter-finals and will face Premier League rivals Manchester City this month.

Tottenham, currently third in the table, continued to lag behind their top-six rivals in terms of players wages, spending 147 million pounds — about half that of Manchester United and 100 million pounds less than Arsenal. While Tottenham made record profits, they have lent heavily to finance the new stadium with the loan rising to 537 million pounds compared to the initial 400 million.