Source: Team_Talk
Levy Spur-red by bumper haul
Chairman Daniel Levy feels Spurs are seeing the off-field rewards of their player investment after announcing record revenues of £119.8million.[LNB] On Thursday, Spurs demonstrated the difference qualifying for this season's Champions League could make to their finances after reporting a pre-tax loss of £6.5million, despite record revenues.[LNB]The club announced revenues were up six per cent to £119.8million and that their operating profit excluding player trading had rocketed by more than 23% to £22.7million.[LNB]It was their transfer activity which prevented Spurs making an overall profit, with £37.8million spent during that period, including on the likes of Peter Crouch and Sebastien Bassong.[LNB]By comparison, player sales raised £24.6million, including the departures of Darren Bent and Didier Zakora.[LNB]Last year saw the club make a record pre-tax profit of £33.4million, largely due to the sales of Dimitar Berbatov and Robbie Keane.[LNB]They also splashed out £119.3million, more than three times than for the same period this year.[LNB]But barring a massive spending spree in January, Tottenham should be able to announce another healthy profit next year when the riches garnered from the club's maiden Champions League campaign are taken into account.[LNB]Finishing fourth in the Premier League last season also made a difference to this year's figures, as did additional broadcast revenue and the fact every one of the club's home matches was sold out.[LNB]Spurs also confirmed the cost of redeveloping White Hart Lane had risen by £50million because they had changed the original plans.[LNB]Chairman Daniel Levy said in a statement: "This period has seen the club produce a record turnover and a 23% increase in operating profit.[LNB]"We are benefiting now from our investment to date in the first-team squad.[LNB]"Our challenge is to accrue further benefits from our investment in capital projects in order to lay the strongest foundations for the future stability and prosperity of the club.[LNB]"I would like to commend everyone at the club for their continued hard work and thank our supporters for their magnificent support both home and away throughout the season."
