BusinessCompany NewsSpurs score financial goal

Spurs score financial goal

At a time when many football clubs are struggling, Tottenham Hotspur Football Club has pulled itself out of the red with a 34% increase in turnover.

Link: Football’s debts mount

The club, which currently tops the premier league, announced pre-tax profits of £900,000, compared to a £3.5m loss last year. Turnover increased from £65m in the year to 30 June, 2001 compared to £48.4m the previous year.

The club attributed its rising revenues to increased turnover in gate receipts, media coverage, sponsorship and merchandising.

Finance director Paul Viner told AccountancyAge.com: ‘We were sold out in nearly all of our home games. We had less revenue in our away games, but there were fewer away games.

‘We had an increase in television income because of a deal with Sky and we had an increase in turnover from merchandising.’

The club spent £16.7m on players but made a profit on player disposals of £6.3m. But chartered accountant Viner warned that when the sales were made, there was a market for player sales that ‘may not be repeatable.’

He said despite the club’s success at the moment, it had to remain cautious to keep costs under control and remain flexible with its finances.

Viner said he was pleased with the clubs financial position and looked forward to developing a winning team on the pitch, particularly in getting the Spurs on top of the European league ‘where they belong’.

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