Tottenham have announced record pre-tax profits of £39.8million but insisted they were not forced to sell their stars to balance the books.

Figures for the six-month period ending 31 December, 2008 show a dramatic increase from the previous year's deficit of £30,000.

Although the club would have made a substantial loss had transfers not accounted for a £53.4m profit on player trading as a host of top names including Dimitar Berbatov and Robbie Keane left White Hart Lane, chairman Daniel Levy claimed there was no pressure to sell.

He said: "During the 2008 summer transfer window, gains were made on the sales of a large number of registrations.

"However it needs to be noted that the club did not make the player trading profits in a manner that was planned or welcomed as they arose, in the main, from the regrettable sale of certain key players."

The figures do not take into account Harry Redknapp's sizeable January transfer dealings that included Keane, Jermain Defoe and Wilson Palacios moving to north London.

The club also announced it is to begin preliminary work on a new 60-acre "world-class" training facility next month, when a second public consultation is also due to take place over the proposed new stadium on the existing White Hart Lane site.

Known as the Northumberland Development Project, Spurs expect to submit a full planning application in the next few months.

Levy added: "We have benefitted from having a robust business that is well financed and has continued to be able to support investment in the first team, whilst progressing two major capital expenditure projects - the new training centre and the Northumberland Development Project.

"We remain mindful of the prevailing economic climate from which no-one can consider themselves immune."