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’.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements