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Tottenham Hotspur enjoy record profit of £120m after making Champions League

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Tottenham Hotspur enjoy record profit of £120m after making Champions League
Tottenham Hotspur have announced record profits of £119.8 million in the last fiscal year. Since the north-London club have clinched the Champions League qualification, their revenue has increased considerably.
But the bad news is due to overspending on new players, they have recorded an overall loss of £6.6 million. Spurs spent £37.8 million to bring in new players to challenge for the title and the Champions League spot. Just a year
ago, the club had revealed overall profits of £23.2 million. Club Chairman Daniel Levy is not too concerned about the loss; however, he believes the figures are good. Their operating profit is believed to be a record £22.7 million without taking into account
the transfers.
The Chairman believes that these improved fortunes were due to their excellent league position which was 4th and hence they qualified for the Champions League competition of Europe.
With a higher position in the League table, the club was awarded with bigger prize money followed by higher revenues through media and broadcasters. This caused the merchandising revenue to increase as well with White Hart Lane
filling the seats to capacity for every Premier League game.
The club has also reiterated their promise towards building a new stadium with high capacity in order to generate more income. At the moment, 33,000 fans are on the waiting list to get tickets. The capacity of their current stadium,
White Hart Lane, is only 36,310, which is too low for a club like Tottenham. 
The Chairman confirmed that they have achieved record revenues and also a 23% increase in operating profit.
Levy said: “We are benefiting now from our investment to date in the first-team squad. Our challenge is to acquire further benefits from our investment in capital projects in order to lay the strongest foundations for the future
stability and prosperity of the club.” 
He further added: “I would like to commend everyone at the club for their continued hard work and thank our supporters for their magnificent support both home and away throughout the season.”
Players that were bought by the ‘Lilywhites’ during the accounts period include Peter Crouch (29, striker), Niko Kranjcar (26, midfielder), Younes Kaboul (24, defender), Sebastien Bassong (24, defender), Kyle Walker (20, right-back)
and Kyle Naughton (22, defender) for a grand total of £37.8 million. 
The Spurs got total returns of £24.6 million from selling players like Pascal Chimbonda (31, defender), Kevin-Prince Boateng (23, midfielder), Darren Bent (26, striker), Gilberto da Silva Melo (34, midfielder/leftback), Didier
Zokora (29, defensive midfielder), and Chris Gunter (21, fullback). 
This summer, Harry Redknapp spent a total of £19 million on Rafael van der Vaart (27, attacking midfielder), Sandro Ranieri (21, defensive midfielder), Stipe Pletikosa (31, goalkeeper) and William Gallas (33, defender). It will
be added up on next year’s figures.
With the club doing well on both fronts i.e. the Champions League and Premier League it is widely expected that its future looks bright. Profits will increase immensely if the Spurs manage to go further in the biggest competition
in Europe. Seeing the way they killed the Champions Inter Milan, anything seems possible for the Spurs. Redknapp is the key to the club’s success and he must stay here for a long period of time.

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