Football: EPL team Tottenham post world-record £113m gain a day after opening stadium

Tottenham Hotspur officially opened their 62,000-seat stadium on April 3, 2019.
Tottenham Hotspur officially opened their 62,000-seat stadium on April 3, 2019.PHOTO: PA WIRE

LONDON (REUTERS) - Tottenham Hotspur made a world-record profit of £113 million (S$201.4 million) after tax last year, the English Premier League club reported on Thursday (April 4) - the day after they officially opened their 62,000-seat stadium.

With income rising sharply as a result of player sales, hosting home matches at Wembley and a Champions League run, Tottenham's profit surpassed the £106 million reported by Liverpool earlier this year.

Tottenham became the first Premier League club not to make any signings in the summer transfer window last year and also failed to add to their squad in January.

The club was supposed to move into their new stadium, the cost of which has risen to £1 billion, at the start of the current season but a series of delays meant home matches had to be played at Wembley.

While it was a frustrating wait, the extra capacity at Wembley allowed Tottenham to sell around 340,000 extra tickets, according to chairman Daniel Levy.

Tottenham's income swelled from £310 million to a club-record £380 million, with Premier League match-day revenue rising from £19 million to £42.6 million.

The club's Champions League revenue also grew to £53 million after reaching the last 16 in 2017-18. This season they have reached the quarter-finals and will face Premier League rivals Manchester City this month.

 

Tottenham, currently third in the table, continued to lag behind their top-six rivals in terms of players' wages, spending £147 million - about half that of Manchester United and £100 million less than Arsenal.

While Tottenham posted record profits, they have borrowed heavily to finance the new stadium with the loan increasing to £537 million compared to the initial £400 million.