28.2 C
Accra
Sunday, January 12, 2025
SportsTottenham considers new investment options following £86 million loss

Date:

Tottenham considers new investment options following £86 million loss

Tottenham chairman Daniel Levy has acknowledged ongoing discussions with potential new investors following the revelation of a post-tax loss amounting to £86.8 million ($109.2 million) for the fiscal year ending June 30, 2023.

Despite achieving a record turnover of £549.6 million ($691 million) during the period, the club experienced a 21% increase in operating expenses, attributed to factors such as uncontrollable cost escalations in utilities, rates, and consumables, alongside substantial investments in new players.

Tottenham’s wage bill also surged by 20% to £251.1 million ($316 million), positioning it as the fifth-highest in the league behind Manchester City, Liverpool, Chelsea, and Manchester United.

The reported loss marks a significant rise from the previous year’s figure of £50.1 million ($63 million).

Speculation regarding a potential sale of the club by owners ENIC has been circulating, with suggestions that they may entertain offers if deemed suitable.

However, sources close to the club have indicated to ESPN that ongoing discussions are primarily focused on selling a stake rather than pursuing a complete sale.

“Our ethos is clear — to be far-sighted and run the club sustainably,” Levy wrote in the chairman’s statement accompanying the figures

“This involves strict control of our cost base, increased commercial and sponsorship revenues and consistent European participation, all of which are key to our ability to continue to invest in the squad and win top honours.

“Since opening the stadium in April 2019, we have invested over £600m ($755m) in our men’s and women’s first-team squads.

“To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base.

“The Board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the club’s shareholders.”

The signings of James Maddison and Guglielmo Vicario, along with Beth England’s transfer from Chelsea in January 2023 for a reported fee of around £250,000, were notable transactions during the accounting period. However, the bulk of Tottenham’s summer transfer activity occurred after June 30, including Harry Kane’s departure to Bayern Munich for a potential fee of up to €120 million.

The future growth trajectory of Tottenham hinges significantly on their £1 billion stadium, which played a pivotal role in their financial landscape.

Notably, Beyonce’s five-night concert series last summer set a record as the “highest-grossing concert ever staged by a female artist at the time,” a milestone later eclipsed by Taylor Swift.

Moreover, Tottenham has entered into strategic partnerships to diversify revenue streams and enhance fan engagement.

This includes a 15-year collaboration with Formula One to offer an electric karting experience at the stadium and an extension of their contract with the NFL to host matches at the venue through the 2029-30 season.

Meanwhile, Daniel Levy, the club’s chairman, saw his personal income rise from £3.3 million to £3.6 million, accompanied by a £3 million ($3.7 million) bonus.

This increase in earnings may provoke discontent among supporters, particularly in light of recent objections to the club’s decision to raise ticket prices by 6%.

[forminator_poll id="710479"]

Latest stories

LIVESTREAMING: National Prayer and Thanksgiving Service for Mahama

The National Prayer and Thanksgiving Service is taking place...

Scrap regional minister portfolio – Mahama urged

The Communication for Development and Advocacy Consult (CDA Consult)...

Several injured after gunmen attack bus in Bolgatanga

Several people sustained injuries after gunmen ambushed a passenger...

“Personally, I don’t think I need a siren” – John Dumelo disagrees with A-Plus

Member of Parliament for Ayawaso West Wuogon, John Dumelo,has...

National Prayer and Thanksgiving Service happening today at UPSA

A National Prayer and Thanksgiving Service will take place...

Related stories

Kyle Walker wants to leave Mana City; he wants to options abroad – Guardiola

Pep Guardiola has confirmed that Manchester City captain Kyle...

GFA mulls appointment of technical director to assist Otto Addo

Ghana Football Association (GFA) is reportedly considering hiring a...

GFA names Frimpong Manso as new Head Coach of the Black Starlets

The Ghana Football Association has named Stephen Frimpong Manso...

Sulley Muntari labels Jose Mourinho as the best coach in the world

Legend of the Black Stars, Sulley Muntari, has shared...

‘At the right time I will respond’ – Anim Addo on GFA charge

President of Ghana Premier League side Young Apostles Samuel...

GFA charges Sammy Anim Addo of misconduct over claims of relegation threats

Owner of Young Apostles FC, Samuel Anim Addo, has...

Maxwell Hanson is GFA’s hatchet man for dirty works, antics – Sammy Anim Addo

Former Ghana Football Association (GFA) Executive Council member Sammy...

LEAVE A REPLY

Please enter your comment!
Please enter your name here