Tottenham post financial loss
Tottenham Hotspur have announced a loss of £4.3 million for the 2011-12 financial year.
The Premier League club posted a loss of just over £4 million for the year ending June 30, 2012, compared to the profit of £700,000 they recorded the year before, which covered the period when they were competing in the 2010-11 Champions League.
Total club revenue for the year was £144 million, 12% lower than the year before, while Spurs said "profit from operations" dropped to £23 million from £38 million.
Revenues continued to increase on the commercial front, but merchandising fell by 4% largely due to the lack of Champions League football, which they failed to secure this season after Chelsea's win in the competition denied them a place alongside Europe's elite despite finishing fourth last term.
Tottenham, who currently sit fourth in the Premier League, say they are on course to comply with UEFA's financial fair play rules, and this season moved into a new training centre in Enfield which they hope will help them by nurturing home-grown talent.
The club say they have also completed their first step towards building a new stadium adjacent to White Hart Lane which will increase revenue due to greater capacity.
Chairman Daniel Levy said in a statement: "We are ever ambitious for the club, driving all areas of the business and our focus continues to be the delivery of an increased capacity stadium.
"There is much work to be done refining the detailed design and resolving the final development issues.
"We intend to deliver this to the same high standards of the new Training Centre and to reward our incredibly loyal supporters with a world-class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London."
Information from the Press Association was used in this report.