Rumours have circulated for some time that Spurs were considering playing one more season at White Hart Lane and today the rumour has been confirmed by the club in the official statement released for the financial year.
Daniel Levy, Spurs Chairman says: “……whilst everyone is eager to know if this is our last season at the Lane, we shall only make the decision to decommission our historic White Hart Lane when we have greater certainty on the delivery of the new stadium.”
Tottenham have an agreement in place with Wembley stadium to play 27 ‘home’ games at the national stadium however this is due to be signed on the 31st March, something the club have requested now be delayed.
The statement from the club on the financial results can be read below:
Financial Highlights
Revenue for the year ended 30 June 2016 was at a record level of £209.8m, an increase of 7% on the prior year (2015: £196.4m).
Premier League gate receipts were £22.2m (2015: £22.3m). The Stadium continued to sell out for all Premier League home games, further underlining the need for an increased capacity stadium to meet demand and satisfy a waiting list for season tickets that has now risen to 63,200.
The Club reached the round of 16 of the UEFA Europa League (2015: round of 32) resulting in gate receipts and prize money of £18.7m (2015: £7.1m).
Revenue from the domestic cup competitions earned the Club £2.4m (2015: £4.4m).
Television and media revenues rose to £94.8m (2015: £90.5m), as the Club had its best season in the Premier League, finishing third (2015: fifth).
Sponsorship and corporate hospitality revenue was £48.8m (2015: £48.9m).
Merchandising revenue was £12.0m (2015: £12.3m). This represents a like-for-like increase of 8% as early kit launch sales were recognised in 2014/15 figures.
Profit from operations, excluding football trading and before exceptional items and depreciation, was £63.3m (2015: £46.7m). Profit for the year after interest and tax was £33.0m (2015: £9.4m).
The Club had net cash at the year-end of £47.6m (2015: net debt of £20.8m) and net assets were £206.1m (2015: £183.0m). At the year-end the Club’s net investment in fixed assets was £288.0m (2015: £217.9m)
Northumberland Development Project (NDP) Update
The stadium build has now reached Level 6; the NFL has engaged in the design of its dedicated areas; the groundworks for the Tottenham Experience Museum and Retail store are underway along with restoration works to Percy House, the future High Road home for the Tottenham Hotspur Foundation.
The progress of the construction programme and the delivery timetable for the new stadium and associated public sector infrastructure works – both of which are paramount before any decision will be made on the decommissioning of White Hart Lane – are being closely monitored.
The stadium project continues to drive benefits to the local area. We have now delivered more than 900 jobs across many different sectors of employment.
We shall continue to provide updates as the scheme progresses.
The Training Centre
Construction is well under way on the player accommodation facility for the First Team and Academy, scheduled for opening in early 2018. When complete, this 46-bedroom facility will deliver an unparalleled environment for player rest and rehabilitation, further enhancing what is widely recognised as one of the best Training Centres in Europe.
Outlook
Chairman, Daniel Levy, said: “This financial period saw record revenues and the Club’s highest placed finish in the Premier League.
“There was also substantial progress on capital projects with schemes underway at both the new stadium site and our Training Centre.
“We have run this Club on a financially secure basis for the past 16 years, whilst remaining ambitious and with a vision for its future growth and success.
“We continue to focus on ensuring that the future of the Club is protected at all times and therefore, whilst everyone is eager to know if this is our last season at the Lane, we shall only make the decision to decommission our historic White Hart Lane when we have greater certainty on the delivery of the new stadium.
“Our performances on the pitch and the sight of our new stadium taking shape signifies an exciting future. As we move forward with the challenges ahead, I firmly believe that the positive outlook, unity and togetherness across the Club, the team and the fans means we can look forward with optimism.”
