Tottenham Hotspur have announced a loss of £4.3 million for the 2011-12 financial year, compared to a profit of £700,000 in 2010-11, when they played in the 2010-11 Champions League.
Spurs report that turnover for the year was £144 million, 12% lower than the year before, while Tottenham said “profit from operations” dropped to £23 million from £38 million.
Revenues continued to increase on the commercial front, but merchandising fell by 4% largely due to the lack of Champions League football.
Expect Tottenham to report another loss in 12 months having failed to secure Champions League football tis season after Chelsea’s win in the competition last season denied them their place among the elite despite finishing fourth.
Tottenham, who currently sit fourth in the Premier League, say they are on course to comply with UEFA’s financial fair play rules, and this season moved into a new training centre in Enfield which they hope will help them by nurturing home-grown talent.
The club say they have also completed their first step towards building a new stadium adjacent to White Hart Lane which will increase revenue due to greater capacity.
Chairman Daniel Levy said in a statement:
“We are ever ambitious for the club, driving all areas of the business and our focus continues to be the delivery of an increased capacity stadium.
“There is much work to be done refining the detailed design and resolving the final development issues.
“We intend to deliver this to the same high standards of the new Training Centre and to reward our incredibly loyal supporters with a world-class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London.”