Tottenham in talks with prospective investors

Chairman says ‘consistent European participation’ is vital

LONDON:

Tottenham Hotspur are "in discussions with prospective investors" in a bid to "capitalise on our long-term potential", chairman Daniel Levy said Wednesday as the club published its financial results.

The Premier League club's total revenue for the financial year to June 30, 2023 exceeded half a billion pounds for the first time, with the figure of £549.6 million ($691.2 million, 642 million euros) a significant increase on £444 million for the previous year.

Operating costs, however, have risen by 21 percent to £487.9 million, with a loss of £86.8 million attributed to "significant and continued investment in the playing squad".

In a statement accompanying the results, Levy said Spurs were looking for fresh investment.

"To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base," he wrote.

"The board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the club's shareholders."

Spurs said revenue from match receipts, UEFA prize money, TV and media and commercial all increased from the figures for 2021/22, as did the profit from operations which rose from £112.3 million to £138.7 million.

The north London club added that its net debt as of June 2023 was £677.4 million.

It is now more than 60 years since Spurs were last crowned champions of England and 16 since they last lifted a major trophy -- the 2008 League Cup.

The 1-1 draw with West Ham on Tuesday dented Tottenham's bid for a top-four finish, leaving Spurs -- a club with a large and loyal supporter base -- two points behind fourth-placed Aston Villa.

Their Tottenham Hotspur Stadium, the successor to their former White Hart Lane home, is widely regarded as a state-of-the-art facility, and has also played host to NFL games, world title boxing bouts and rugby matches, as well as pop concerts.

But with Spurs not involved in continental competition this season, Levy wrote: "We expect commercial revenues to rise from third-party events, although this will not compensate for the lack of European football this season."

Levy, however, insisted Spurs remained committed to "consistent European participation" and winning "top honours".

He added: "Since opening the stadium in April 2019, we have invested over £600 million in our men's and women's first-team squads."