Ottenham chairman Daniel Levy has suggested the club are ready to back Antonio Conte in the transfer market and said Spurs are “determined to return the honors” despite another difficult financial year.
The club’s results for the 12 months ending June 2021 revealed pre-tax losses totaling £ 150million over the past two years, which have been severely disrupted by the pandemic.
Revenue fell from £ 40.5million to £ 361.9million (2020 £ 402.4million), while profits fell again to £ 91.7million, from £ 115.3million.
Levy acknowledged the “incredibly damaging moment” of the pandemic, which coincided with the opening of their new stadium by the £ 1.2bn Spurs, but insisted the club had “emerged … financially. stable “, while warning that they were still facing” significant financial pressures “as a result of Covid and Brexit.
The president has been criticized by the Supporters’ Trust for his lack of long-term strategy, while new head coach Conte said in his first press conference that Spurs need a “vision” for the club football team and needed to build a team up to the task. their training ground and stadium.
On Tuesday, Levy vowed that Spurs would invest in the team and pursue a business model based on the “virtuous and sustainable cycle”.
“Going forward… our strategy is clear: generate and generate income to invest in all of our football activities,” reads the president’s statement accompanying the financial results.
“The success of football, in turn, supports the growth of our club, our fan base and, therefore, wider business opportunities and partnerships, which then generate additional income to be reinvested in football – the circle. virtuous and sustainable on which our club model is based.
“After delivering our training center, The Lodge and the stadium, we will not stand still, we will continue to innovate and ensure the most exceptional experiences for players, fans and visitors. Our building blocks for the future success of the Club are now firmly in place. “
Levy said the revenue would be generated through stadium events such as boxing, rugby, the NFL and concerts, and that the club would continue to “undertake supporting real estate projects” in the N17 – part of its will. of a “total transformation of our district”.
Spurs lost almost £ 25million due to their Champions League absence last season, with UEFA prices falling to £ 23.6million from £ 51.2million in 2020 .
The club’s debt, meanwhile, rose by over £ 100million to £ 706million (2020: £ 605million), with repayment terms extended until 2051.
Match-day revenue fell to just £ 1.9million (2020: £ 94.5million) due to games played behind closed doors, although TV and media revenue rose to £ 184.4million (2020: £ 95.2million) as a result of the 2019-20 season. season being suspended and terminated during the current fiscal year.
Nonetheless, Levy was optimistic about the club’s prospects under Conte and general manager Fabio Paratici, and said they were determined to win trophies.
“The appointments of Fabio and Antonio are a clear demonstration of our intention and our ambition,” he said.
“Since the stadium opened in April 2019, we have spent almost £ 400million on the players. Player spending is no guarantee of success, and we need to focus on improving recruiting, training, fitness and a competitive mindset.
“We will also seek to continue the well established path for young people from our Academy to our first team. I know Antonio’s approach is that if a player is good enough they will play regardless of their status or age.
“We have come a long way and we still have a long way to go. We remain relentlessly ambitious and are determined to deliver the honors and make our supporters proud. “