Tottenham Hotspur is actively seeking new investors to harness its long-term potential, chairman Daniel Levy announced on Wednesday alongside the club's latest financial results.
The Premier League club reported total revenue of £549.6 million ($691.2 million) for the fiscal year ending June 30, 2023, marking the first time revenue surpassed the half-billion-pound milestone. This represents a significant increase from the previous year's £444 million.
However, operating costs rose by 21 percent to £487.9 million, resulting in a loss of £86.8 million. Levy attributed this loss to \"significant and continued investment in the playing squad.\"
In a statement, Levy emphasized the need for fresh investment to continue investing in the team and future capital projects, stating that \"the club requires a significant increase in its equity base.\"
Levy further added that the board, along with advisors Rothschild & Co, are in discussions with prospective investors. Any proposed investment would require the support of the club's shareholders.
The club's revenue from match receipts, UEFA prize money, and TV and media commercials all saw increases compared to the 2021/22 figures. Operating profit also rose from £112.3 million to £138.7 million.
As of June 2023, Tottenham's net debt stood at £677.4 million. Despite the financial growth, the north London club has not secured an English championship title in over 60 years and last won a major trophy—the 2008 League Cup—16 years ago.
Reference(s):
Football: Tottenham in talks with 'prospective investors,' says Levy
cgtn.com
