Tottenham Hotspur post world record net profit of over R2.1 billion

Tottenham Hotspur post world record net profit of over R2.1 billion

Tottenham Hotspur post world record net profit of over R2.1 billion

Heung-Min Son has expressed his delight at scoring Tottenham Hotspur's first competitive goal in their new stadium after Spurs beat Crystal Palace 2-0.

Revenues climbed by £71 million to £380.7 million.

Player sales, reaching the Champions League knockout stage and nearly doubling their Wembley matchday revenue are cited as the main reasons for this huge profit margin.

"This is another hard game for Spurs".

With operating expenses flat at £228.7 million, the operating profit reached £84 million, up from £33 million.

Tottenham's turnover of 381 million pounds ($500 million) and wage bill of 148 million pounds ($194 million) was significantly surpassed in the last financial year by the two teams higher in the league - Manchester City and Liverpool - and the three teams below - Arsenal, Chelsea and Manchester United. Again, unlike most rivals, the cash flow statement indicates that Spurs received more from player sales in 2017-18 than they spent - and this for a second year running.

In addition, the club's run to the last-16 of the Champions League, where they were beaten by Juventus, resulted in additional gate receipts and prize money of £62.2m.

The accounts also showed that the bank loan taken out by Spurs for their new stadium went up from an initial £400m to £537m payable by 2022. At the balance-sheet date, £445.3 million of this was drawn.

Fans had arrived early to enjoy the array of eating and drinking facilities in the stadium - including the Goal Line Bar which at 65 metres is the longest bar in Europe, according to the club.

Finally, the nightmare of no fewer than seven delays to the opening to the new ground can be put firmly behind them. The club's key borrowings for the stadium stood at £445.3 million as of June past year with that payable by 2022 including interest although refinancing would be an option. "After that we created even more chances than before".

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