Tottenham today blamed a sharp fall in profits on the cost of sacking of Martin Jol and replacing him with Juande Ramos.

The club announced interim financial results which included a drop in operating profit before player-related costs to £9.9 million from £14.2m last year.

Chairman Daniel Levy said: "The decrease in profit from operations before player trading and amortisation reflects one-off costs including the change of management."

Spurs sacked Jol and assistant Chris Hughton last October leaving them with an estimated compensation bill of around £5m. Overall, the club recorded a pre-tax loss of £26,000 for the six months to 31 December compared to a £19.8m profit for the same period in 2006.

Spurs put the fall down to the cost of new player contracts, a change in accounting procedures and the fact Michael Carrick's £19m sale to Manchester United boosted last year's figures.

In his statement to the stock exchange, Levy also warned that the global credit crunch could damage the club's drawn-out bid to either increase the capacity of White Hart Lane or find a new ground.

He said: "The global financial markets do not currently present the best environment to raise funds for major capital projects. We shall have to look closely at our options."