Tottenham Hotspur released their financial results up until June 30 2017 with record revenues of $430 million reported.
In a statement their chairman Daniel Levy called the revenues “historic” as the new TV deal and Spurs being in the UEFA Champions League were credited for the huge jump in revenue with an increase in over $136 million from 2016.
Delighted with Tottenham’s financial position, Levy also pointed towards the challenges which will come with the opening of Spurs’ new $1 billion stadium later this year, with their new 62,000 capacity home on the White Hart Lane stadium expected to be ready for the start of the 2018-19 campaign.
“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. 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.”
It will be intriguing to see how Tottenham’s revenues fare this financial year after their move to Wembley Stadium as a temporary home while their impressive new stadium was built.
With a deal with the NFL to host at least two games each season at the new White Hart Lane, plus residential buildings, shops, restaurants and more all part of the Northumberland Development Project to rejuvenate the area around their historic home, Spurs have spent plenty of cash on the project but all of that should help them generate even greater revenues in years to come.
Mauricio Pochettino has done a fine job of managing his squad of players on the pitch with limited resources and Tottenham’s latest financial results show they have just as good as a team handling matters off the pitch.
That said, as revenues continue to rise, players at the club may start to demand more in terms of salary as Tottenham are still way behind their close competitors when it comes to paying their star names top dollar.
Levy and Co. will be hoping the move to the new stadium and a continued presence in the top four and the UEFA Champions League will mean more money can be spent on not only bringing in better players but also keeping the ones they have.