Tottenham Hotspur released its financial report for the fiscal year 2014 to the public today for via its website. The report shows a significant rise in club revenues from previous years, and also discussed the ongoing Northumberland Development Project, which hopes to deliver a new Tottenham Hotspur stadium within the next several years.
Here are the main takeaways from the report:
Spurs are in the black financially.
The report showed a nearly 25% rise in revenues from the previous year, a net total of £180.5m, leading to a club profit of £65.3m. More importantly, the report indicates that the club has gone from an operating net debt of £54.8m to a net profit of £3.2m. The club is officially in the black.
This is pretty exciting and crucial, considering that the club has a green light to begin the new stadium. Financials are likely to drop as the club builds its new home. Which brings us to:
Stadium construction could begin this summer.
The end of the Archway Sheet Metal saga means that Spurs have cleared the final hurdle preventing them from starting construction on the new stadium. Here's what the report says:
In respect of the last remaining property needed to complete the stadium site assembly, the lengthy challenge by Archway Sheet Metal Works Limited to the Secretary of State's decision to grant a Compulsory Purchase Order (CPO) was comprehensively rejected on all grounds after a High Court hearing in February 2015.
Haringey Council has now started the legal CPO process that will culminate with the land price being determined by the Lands Chamber of the Upper Tribunal. On 6 March 2015 the Council published and served a Notice of Intention to execute a General Vesting Declaration in respect of the CPO land (which includes the Archway land). Service of this notice allows Haringey Council to execute a General Vesting Declaration from 7 May 2015. This will allow the Council to take possession of all remaining parcels of land under the CPO from 5 June 2015.
One must assume that stadium development plans have been going on while the Archway negotiations continued. It's reasonable to assume that once the land formally changes hands, construction could start in earnest soon afterwards.
There's no indication (yet) of what plans are in place for temporary relocation during construction, or how long it might take, but if you are excited about Spurs' new digs, this is excellent, excellent news.
Don't expect a major squad overhaul in the next window.
It's subtle, but regarding the club's transfer policy, it would be surprising if Spurs drop a lot of cheddar on new players this summer. Daniel Levy had this to say in a statement:
This financial period saw major changes to the squad. The appointment of Mauricio and his coaching staff in June 2014 has resulted in a coherent determination from top to bottom of the footballing side of the Club to ensure our sporting philosophy is adhered to - that is to have a balance of experienced and home grown players, playing attacking, entertaining football our fans love to watch. This strategy will continue as we embark on the summer transfer window.
While the club is in a healthy financial position, the new stadium and the club's recent emphasis on developing academy talent or purchasing young, value players with potential likely means we won't be shelling out £100m for Paul Pogba anytime soon.
Spurs Lodge is being sold to a good cause.
Spurs' old training facilities will likely be sold to an organization that plans to build a school for autistic children. That's pretty swell.
All in all, this is a very positive and upbeat financial report. The club is healthy, there's a new stadium in the works, and there's very little chance that the ground will crack open and swallow the borough of Haringey. Everything's coming up Tottenham, and we have Daniel Levy to thank for it.