English Premier League's Tottenham Reports Record Profits of $125 Million
LONDON (AP) - Tottenham's improvement extended away from the field Wednesday when the club reported its highest ever turnover and operating profit.
Boosted by better performances in the Premier League and cup competitions Tottenham's turnover increased by 6.5 percent over the past year to 70.6 million pounds (US$125 million; €104 million).
Its operating profit was 14.6 million pounds (US$25.8 million; €21.5 million). The signing of players including England midfielder Michael Carrick meant the net profit was 4.1 million pounds (US$7.2 million; €6 million) up from last year's 2.7-million-pound (US$4.8-million; €4-million) loss.
The investment in players - turning one of the Premier League's oldest squads into one of the youngest - helped Tottenham improve to ninth place last season from 14th in 2003-04 and resulted in three more cup games.
Since the last set of results Tottenham signed 15 players including Carrick Jermaine Jenas and Edgar Davids. It sold eight and loaned out several more.
"We now have some unrivaled talent and a young but clearly large squad Tottenham chairman Daniel Levy said.
"We will look to strengthen areas where we see weaknesses but ultimately we have to ensure we do not overstep the balance between players being motivated to fight for places and players not being able to reach their potential through lack of opportunity."
Levy said the club filled its White Hart Lane stadium to 99 percent capacity last season and in contrast to many Premier League clubs had increased season ticket sales this season to record levels.
The improvement seems to be continuing. Although the club lost to minnow Grimsby in the first round of the League Cup it sits third in the Premier League after eight games.
Fans have been inspired by a team full of young stars many of them under-21 internationals. Helped by a share issue Spurs spent a total 61.8 million pounds (US$109 million; €91 million) on players in the past two years.
"We now need to deliver success on the pitch if we are to continue to invest at this level Levy said. "The club has the playing resources to improve performances on the pitch. However with so many new team members time will be needed to forge a strong playing unit."