(Reuters) - Tottenham Hotspur have announced record revenue of 306.3 million pounds ($431 million) for the year ended June 30, 2017, boosted by their highest ever Premier League finish and a Champions League group stage campaign.
The commencement of a three-year Premier League domestic broadcasting deal helped Spurs earn 149.8 million pounds in TV and media revenue, up from the previous year’s 94.8 million, in a season where the club finished second behind champions Chelsea.
Profit from operations, excluding player transfers and before exceptional items and depreciation, rose by 54.3 million pounds to 177.6 million.
Participation in the group stages of the Champions League and the round of 32 of the Europa League resulted in gate receipts and prize money of 44.6 million pounds.
Despite selling out every game, Premier League gate receipts were down slightly to 19 million pounds from 22.2 million following the demolition of the north-east corner of White Hart Lane midway through last season.
With the club facing a race against time to build their new stadium to be ready for next season, Chairman Daniel Levy warned of challenges ahead.
“Extraordinary levels of financial and human resource have seen significant progress on capital projects, with schemes underway at both the new stadium site and our training centre,” Levy said in a statement.
“As custodians of the club we are ever-conscious of the need to ensure the future stability of the club whilst managing its growth,” Levy added.
“We are in an historic period for the club and there is a growing sense of excitement. There will, however, be many challenges in the coming months as we near the latter stages of the construction of the new stadium and its opening.”
The north London club said cumulative spending on building the new 62,000-seat stadium rose from 115.3 million pounds to 315.1 million during the period.
Mauricio Pochettino’s Spurs, currently playing their home matches at Wembley, sit fourth in the league and have reached the FA Cup semi-finals for a second consecutive season.
($1 = 0.7108 pounds)
Reporting by Hardik Vyas in Bengaluru; Editing by David Holmes