Tottenham chairman Daniel Levy has revealed the club are looking for investors to help them ‘capitalise on their long-term potential’ after announcing losses of £86million in their financial results.
Spurs have been linked with a possible sale over the last year after reports of rumoured Qatari interest in the north London outfit, while Iranian-American businessman Jahm Najafi was also said to be preparing a huge offer.
While the club are not currently for sale, Levy did announce they are seeking investment, claiming they need a ‘significant increase’ in their equity base following the recent losses as they continue to make payments towards the loan for their £1bn stadium.
While the club posted a big loss, there was a record revenue of £549.6million – largely thanks to stadium revenues from football and non-football events, such as NFL games, boxing fights and concerts.
In a lengthy statement summing up the club’s financial results from the year to June 2023, Levy said: ‘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.
Tottenham chairman Daniel Levy has announced the club are looking for investors
The north London club announced losses of £86million in its recent financial results
‘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.’
Levy chose to remain upbeat in his statement as he focused on the club announcing a turnover of over half a billion for the first time ever.
‘Our turnover has exceeded half a billion pounds for the first time,’ he said. ‘Whilst UEFA monies contributed, this has also been driven by increased stadium revenues from both football and non-football events and additional revenue streams.
‘This is the impact of our multi-use stadium and what our board has been focussed on delivering in order to invest in our football in a financially sustainable manner. The absolute priority for our club is to deliver on-pitch success.’
Spurs had an increase in UEFA prize money – up from £10.2m to £56.2m, while commerical revenues went up from £183.5m to £227.7m. Meanwhile, TV money was also up slightly from £144.2m to 148.1m.
Levy said it required ‘significant increase’ in investment to help the club capitalise on its long-term potential
The club are looking to rebuild this season under new boss Ange Postecoglou, who was been backed with £232m spending this season to revamp the squad.
While missing out on the Champions League will have hurt the club’s coffers and impacted on players they can attract, the Australian boss said qualifying for Europe’s elite was not a ‘catalyst’ for change at Spurs.
Speaking ahead of his side’s 1-1 draw at West Ham, he said he would prefer to see his side improve naturally.
‘It’d probably make my life easier if I said, “Let’s make Champions League, that’s great” because everyone thinks I’ve done a great job,’ Postecoglou said.
Tottenham fans were enraged after the club announced a six per cent increase on season ticket prices – which are already the pricest in the Premier League
‘But from my perspective, I keep saying it, I look at the teams who made the Champions League this year from last year and that wasn’t the catalyst for them kicking on. Where we finish should be a foundation for us being better next year.’
The financial figures also comes after the club enraged fans by announcing a six per cent increase in season ticket prices – making it the priciest in the Premier League.
Explaining the reasons for the astronomical rise, Spurs cited ‘the rising costs of goods and services’ outside of their control and attempted to further justify the decision by stating they have only increased prices by 1.9 per cent in the past five years.
Season tickets under the current pricing model are amongst the most expensive in the Premier League and range from £803 per annum for the cheapest adult seating available to £2,233 for the most expensive 1882 season ticket.
