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Tottenham delighted by record £27m profit
Simon Johnson, Evening Standard17 Oct 2007
Tottenham today announced record pre-tax profits of £27.7million and broke the £100m turnover barrier for the first time.
The results show a remarkable rise in financial strength for the year ending June 2007 as they only recorded pre-tax profits of £600,000 12 months before.
Their turnover has soared to £103.1m from £74.1m, which indicates the club's value is worth more than the £250m previously reported.
Spurs also confirmed that Paul Kemsley has quit as vice-chairman of the club, as exclusively revealed by Standard Sport yesterday.
Chairman Daniel Levy said: "Paul has recently expanded his property business interests in the United States and feels inevitably his time spent overseas will impact upon his ability to fulfil his role with the club."
Levy is delighted by Spurs' impressive financial results, which are in part thanks to new sponsorship and kit manufacturer deals. They agreed a lucrative shirt sponsorship contract with Mansion worth £34m over four years in the summer of 2006 as well as a five-year kit deal with Puma worth £5m-a-year.
Tottenham's progress was also helped by the fact that having secured a fifth-place finish in the Premier League for a second successive season, they performed better in the cup competitions.
The figures will also make Spurs an even more desirable club for a possible takeover with speculation already increasing that the club are a target for investors and that owners ENIC are prepared to sell for the right price.
Levy added: "All parts of the business have continued to perform well to produce record revenues and profits. Cash generation has been strong."
Reader views (1)
Profit BEFORE spending £17 million on Darren Bent?
- Matthew Couch, Crawley, West Sussex., 17/10/2007 14:20
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