Tottenham Hotspur Loses $6.8M In '11-12 After Missing Out On Champions League
EPL side Tottenham Hotspur posted a loss of £4.3M ($6.8M) last season mainly because it did not play in the Champions League, according to Ken Ferris of REUTERS. Revenue was £144M ($228M), a 12% "decline from the record level" of £163M posted in the previous period "primarily due to the absence of Champions League football." Merchandising revenue fell by 4% but operating costs also dropped 1%. Media revenues plus sponsorship and corporate hospitality income jumped 10%. Profit from operations dropped to £23M ($36.5M) from £38M for the year ended June 30 (REUTERS, 1/23). The BBC reported Spurs are on course to comply with UEFA's Financial Fair Play rules and said that they support "its further integration into the Premier League." The club said that it has "completed the first step towards building a new stadium adjacent to White Hart Lane, which will increase revenue due to a greater capacity." This season, the club has also "moved to a new training centre in Enfield," which it hopes will help by nurturing home-grown talent (BBC, 1/22).