Tottenham to turn to private ownership

BY foxsports • November 16, 2011

Tottenham have announced plans to de-list themselves from the stock market and return to private ownership in a bid to raise funds for a new stadium.

Spurs revealed they would propose the move to shareholders on the same day as they published their annual financial results, which saw them make a profit of £402,000 for the year up to June 30.

That represented a huge improvement on the previous year's loss of £6.5million, helped by the club's first ever Champions League campaign.

But that boost to the club's coffers was not enough for chairman Daniel Levy, who insisted de-listing Tottenham from the AIM exchange was necessary.

He said: "It is clear to us that increasing the capacity of the club's stadium is a key factor in the continued development and success of the club and will involve the company in considerable additional capital expenditure.

"Given this requirement, we believe that the AIM listing restricts our ability to secure funding for its future development.

"We are ambitious for the club and have always taken the steps that we believe to be in its best interests."

The last day of share dealing looked set to be January 13, with the club going private three days later.

Tottenham had bid to move into the Olympic Stadium, but that attempt failed.

However, following legal challenges by the north London club, plans to award the stadium to West Ham were scrapped and it will now go back out to tender.

The Hammers and Leyton Orient have both said that they will apply for the tenancy.

Spurs, who have ruled out another bid, are in discussions with local and national government about building a new 60,000-seater stadium on the ground adjacent to White Hart Lane.

The plan, known as the Northumberland Development Project (NDP), was launched in 2008, but looked set to be scuppered by increased costs until recently.

London Mayor Boris Johnson offered Spurs a take-it-or-leave-it £17million offer in a bid to help the club pay for the NDP.

Tottenham's annual figures included a record revenue of £163.5million, up £43.7million on 2010, while operating profit before football trading and amortisation rocketed by 42% to £32.3million.

There was a marginal increase in Barclays Premier League gate receipts up to £20.4million, while Champions League gate receipts and prize money totalled £37.1million.

Sponsorship and corporate hospitality income increased by 24% to £31.8million and merchandising income rose by 23% to £9.6million.

Levy added: "Ten years ago, we set out to create a first-team squad that could compete for the highest honours both domestically and in Europe, to deliver a new training centre and an increased capacity stadium.

"I am delighted to report on the substantial progress we have made in all these areas."

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