Tottenham revenues up UK£80m as profits fall UK£44m for 2018/19

Tottenham revenues up UK£80m as profits fall UK£44m for 2018/19
English top-flight soccer outfit Tottenham Hotspur have seen their revenues increase year-on-year from UK£380.7 million (US$439.8 million) to UK£460.7 million (US$532.3 million) for the 2018/19 financial period.

Total profit for the year came to UK£68.6 million (US$79.3 million), down from the record UK£113 million (US$130.6 million) for 2017/18.

The upturn in revenues has been attributed to the club’s run to the UEFA Champions League final, European soccer’s top club competition, last season, which saw them rake in UK£108.4 million (US$125.2 million) in gate receipts and prize money.

Breaking down Spurs’ revenue streams, television and media income increased by UK£2.3 million (US$2.66 million) to UK£149.9 million (US$173.2 million). Sponsorship and corporate hospitality revenue was up from UK£93.4 million (US$107.9 million) to UK£120.3 million (US$138.9 million), while merchandising brought in UK£20.6 million (US$23.8 million) compared to UK£16 million (US$18.5 million) in the previous financial year. Other revenue contributed UK£24.1 million (US$27.8 million), a jump of UK£9.6 million (US$11.1 million).

Tangible assets for the Premier League side now stand at UK£1.4 billion (US$1.6 billion), thanks mainly to the opening of their new Tottenham Hotspur Stadium, which cost UK£1 billion (US$1.2 billion). The total cost of intangible assets was UK£332 million (US$383.6 million).

To the year end, Spurs’ total debt of UK£637 million (US$735.9 million) was converted in September 2019 into a mix of long-term maturities with an average life of 23 years.

“We are painfully aware that it seems wholly inappropriate to be giving any attention to the prior year’s financial results at a time when so many individuals and businesses face worrying and difficult times. We are however legally required to announce these by 31st March 2020,” said Tottenham Hotspur chairman Daniel Levy.

“We are all facing uncertain times both at work and in our personal lives. I have spent nearly 20 years growing this club and there have been many hurdles along the way – none of this magnitude – the Covid-19 pandemic is the most serious of them all.

“You will have noticed that we have, as a necessity, ceased all fan-facing operations. With such uncertainty we shall all need to work together to ensure the impact of this crisis does not undermine the future stability of the club. This will include working with the wider football industry and its stakeholders to seek to restore the season – but only when it is safe and practical to do so.

“Our priority is the health and wellbeing of our staff, players, partners, supporters and their families.”

With the Premier League currently in lockdown until at least 3rd April due to coronavirus outbreak, Spurs sit eighth in the table, leaving them outside the European places. They were eliminated from the Champions League round of 16 early this month by German side RB Leipzig.

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