Tottenham Hotspur have reported record annual revenue of over £160million and have revealed plans to de-list from the AIM stock market.
Levy proposes club de-list in an effort to help fund stadium project
Tottenham Hotspur have reported record annual revenue of over £160million and have revealed plans to de-list from the AIM stock market.
Full houses at White Hart Lane have helped to increase gate receipts and merchandising revenue, contributing to revenue of £163.5m for the year to 30th June - up from £119.8m in 2010.
Participation in the UEFA Champions League for the first time in 2010/11 helped to push the club's revenue up.
Announcing their financial results on Wednesday, the North London outfit have also put forward a proposal to help secure more cash for their stadium redevelopment plans.
Commenting on the proposed de-listing, Spurs chairman Daniel Levy said in a statement published on the club's
official website: "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.
Ambitious
"We are ambitious for the club and have always taken the steps that we believe to be in its best interests.
"In looking to move forward and continue to fulfil our ambitions as a club, particularly with respect to raising finance for capital expenditure projects, I can also announce that we are intending to propose to shareholders that the company be de-listed from trading on AIM and be re-registered as a private limited company."
Spurs have continued to invest in the strengthening of their squad, with the likes of Rafael van der Vaart, Sandro, William Gallas and Steven Pienaar drafted in over the course of the last year.
They realise they continued success on the field requires a regular injection of fresh faces and further signings were made over the summer in an effort to take the club forward.
Levy said: "We are benefiting now from our investment to date in the first-team squad.
"Our challenge is to accrue further benefits from our investment in capital projects in order to lay the strongest foundations for the future stability and prosperity of the club."
Tottenham are in discussions with local and national government about building a new 66,000-seater stadium on the ground adjacent to White Hart Lane.
The plan, known as the Northumberland Development Project (NDP), was launched in 2008, but was scrapped due to increased costs before being revived earlier this year.
London mayor Boris Johnson recently offered Spurs a "take-it-or-leave-it" £17m offer in a bid to help Tottenham pay for the NDP.
