Tottenham Hotspur have announced record profits of £112.9 million, in the club’s latest accounts as they begin life in their new stadium, breaking the benchmark set by Liverpool in February of £106 million.
In results released today, Spurs’ profits for the 12 months up to June last year were up from £36.2 million for the previous set of results and were largely driven by their player trading, principally the sale of Kyle Walker to Manchester City in the summer of 2017 for around £50 million.
The club raised a total of £73.1 million from the sales of Nabil Bentaleb, Kevin Wimmer, Clinton N’Jie and Federico Fazio over that period and also saw their matchday revenue rise as a consequence of much bigger crowds at Wembley. Since the financial year in question two transfer windows have passed without Spurs making a single new acquisition.
The club also announced the extent of its borrowing to fund their new stadium, which staged its first Premier League game on Wednesday night. The club’s key borrowings for the stadium stood at £445.3 million as of June last year with that payable by 2022 including interest although refinancing would be an option. The club has a total loan facility of £537 million.
The club revealed that it also owes £21 million on a loan to rebuild its training ground which was completed on August 2015. That is also repayable by the end of December 2022.
The benefit of playing in front of a crowd that averaged 68,500 at Wembley as opposed to less than 40,000 at the old White Hart Lane meant that ticket receipts soared from £19 million for the previous financial year to £42.6 million. The club’s revenue hit an all-time high of £380.7 million, up from £309.7 million the previous year. Total wages including non-playing staff also rose from £126.9 million the previous year to £147.6 million for this latest financial year, still less than 50 per cent of revenue. The club’s executive chairman Daniel Levy was paid £3 million.
The squad itself in terms of its value to the club, according to length of contract of individual players, was valued at £151.3 million. Since then Harry Kane, Dele Alli and Hugo Lloris have all signed new long-term contracts at the club. The accounts make reference to the value of three unnamed players as “material to the financial statements” – more valuable than others – and put their value at £74.3 million.
Spurs are 85 per cent owned by Enic, the investment group in the Bahamas controlled by the billionaire Joe Lewis. Levy controls around 29.4 per cent of Enic and remains the highest paid director in English football.