Tottenham posted a world-record net profit of £113
million in 2017/18 but costs for the club’s new stadium rose above £1
billion ($1.3 billion), annual accounts showed on Thursday.
Spurs
opened their state-of-the-art 62,000-capacity home on Wednesday with
the hope that increased matchday revenue and an agreement to host NFL
games will help the club compete financially with their Premier League
rivals.
Total spending on the stadium and club’s training ground passed the £1 billion mark by the end of June 2018.
Much
of that has been financed by loans. Spurs owed a total of £461 million
in the year to the end of June, although the club have since extended
their loans by another £100 million.
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Net
profits nearly tripled from £36 million in the previous year. Overall
income climbed from £310 million to nearly £381 million thanks to bigger
crowds at their temporary home of Wembley, reaching the last 16 of the
Champions League and improved commercial income.
The scale of
Spurs’ overachievement under Mauricio Pochettino in qualifying for the
Champions League for the past three years via a top-four finish is
highlighted by the club’s spending on wages.
Despite their revenue
remaining the lowest of the Premier League top six, a wage bill of just
£148 million, half that of Manchester United’s, helped Spurs break the
previous record profit of £106 million posted by Liverpool in February.
Victory
over Crystal Palace on Wednesday kept the club on course for another
top-four finish, a point ahead of Chelsea and Arsenal and three clear of
United.
The arrival of Serge Aurier, Lucas Moura and Davinson
Sanchez saw Spurs make a rare loss of £32 million on player trading in
2017/18.
However, Spurs have not signed a single player since Moura’s arrival in January 2018
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