April 4, 2019 / 12:16 PM / 20 days ago

Tottenham post world-record £113 million profit

FILE PHOTO: Soccer Football - Tottenham Hotspur Stadium Test Event - Tottenham Hotspur Legends v Inter Forever - Tottenham Hotspur Stadium, London, Britain - March 30, 2019 General view inside the stadium before the match Action Images via Reuters/Matthew Childs/File Photo

LONDON (Reuters) - Tottenham Hotspur made a world-record profit of £113 million after tax last year, the Premier League club reported on Thursday — the day after they officially opened their new 62,000-seater 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 rose from £310 million to a new club record £380 million, with Premier League matchday revenue rising from £19 million to £42.6 million.

The club’s Champions League revenue also rose 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.

Reporting by Martyn Herman; Editing by Toby Davis

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