Source: Daily_Mail
Spurs set to quit Stock Exchange in bid to secure funds for new stadium
Tottenham chairman Daniel Levy has proposed plans to de-list the club from the Stock Exchange in a bid to make borrowing easier to fund their new stadium.[LNB]Spurs, who posted an operating profit of ?32million for 2010-11, are exploring plans to quit White Hart Lane with the Olympic Stadium in east London and nearby Northumberland Park both a possibility.[LNB] In house: Tottenham plan to quit to Stock Exchange in a bid to make borrowing easier for their proposed new stadium plans[LNB] Tottenham reported record annual revenue of almost ?120million - and a move to raise more funds for stadium redevelopment.[LNB]Spurs said that full houses for every Premier League match at White Hart Lane had resulted in increased gate receipts and merchandising revenues, which contributed to the record revenue of ?119.8m for the year to June 30, up from ?113.0m in 2009.[LNB]Levy said: 'It is clear to us that increasing the capacity of the Club's stadium is a key factor in the continued development and success of the Club and will involve the Company in considerable additional capital expenditure. [LNB] 'Given this requirement, we believe that the AIM listing restricts our ability to secure funding for its future development. [LNB]'We are ambitious for the Club and have always taken the steps that we believe to be in its best interests.'[LNB] Capital gains: Tottenham were keen on taking over the Olympic Stadium in Stratford but face competition from West Ham [LNB]However, including player trading the club made an operating loss of ?24.1m, against a previous profit of ?18.0m.[LNB]Player trading profit was ?15.3million, down from the previous ?56.6million. The year 2009 included the sale of Darren Bent to Sunderland, Didier Zokora to Sevilla and Kevin-Prince Boateng to Portsmouth.[LNB]The comparative figure for the prior period included significant gains made on the sales of the Dimitar Berbatov and Robbie Keane.[LNB]The club reported a pre-tax loss of ?6.5m, against a previous profit of ?33.4m.[LNB]Levy said: '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]Tottenham had originally bid to move into the Olympic Stadium, but that attempt failed.[LNB] Expensive: Northumberland Development Project could cost Spurs in excess of ?350million[LNB]However following legal challenges by the north London club, plans to award the stadium to West Ham were scrapped and it will now go back out to tender.[LNB] Proposal: Spurs chairman Daniel Levy[LNB]West Ham and Leyton Orient have both said that they will apply for the tenancy, but Spurs are yet to comment on whether they will submit another application by the January deadline.[LNB]The north London club are also in discussions with local and national government about building a new 66,000-seater stadium on the ground adjacent to White Hart Lane.[LNB]The plan, known as the Northumberland Development Project (NDP), was launched in 2008, but was scrapped due to increased costs before being revived earlier this year.[LNB]London mayor Boris Johnson recently offered Spurs a 'take-it-or-leave-it' ?17m offer in a bid to help Tottenham pay for the NDP.[LNB]The estimated cost to build a new stadium at Northumberland Park could potentially cost the club in the region of ?350million - ?150m of which could be raised through naming rights.[LNB]Spurs' majority owners ENIC, who hold an 82 per cent stake holding, will propose their de-listing plans at an AGM next month on December 13.[LNB] West Ham chairman Gold casts doubt on Olympic Stadium planOlympic chief hammers Spurs over alleged surveillance as police probe 2012 spy claimsSpurs set to offer Modric new ?100k-a-week deal to keep him out of Chelsea's clutchesFulham eye loan move for Tottenham starlet Carroll All the latest tottenham news, features and opinion [LNB]
