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Tottenham chief Daniel Levy announces search for new investment despite record revenue

Tottenham Hotspur chairman Daniel Levy has revealed the club is in discussions with prospective investors after posting a financial loss despite a record-breaking year for revenue.

The club’s total revenue for the year ending June 30, 2023, surpassed half a billion pounds for the first time, reaching £549.6 million.

This figure was a notable increase from last year’s £444m. However, the club also reported an operating loss of £86.8m.

This loss has been attributed to a 21% rise in operating expenses, including major investment in the playing squad upon the arrival of Ange Postecoglou last summer.

In a statement accompanying the results, Levy explained (via the club’s official website), “To capitalise on our long-term potential and continue investing in the teams, the club requires a significant increase in its equity base.”

The statement further confirms that the board and advisors, Rothschild & Co., are currently engaged in discussions with potential investors. Any potential investment proposal would require the backing of the club’s shareholders.

Despite the overall loss, there were positive aspects to the financial report. Revenue streams from matchday attendance, UEFA prize money, television and media rights, and commercial activities all increased compared to the 2021/22 season.

The club’s profit from operations also rose from £112.3m to £138.7m.

Looking ahead, Levy acknowledged the expected rise in commercial revenue from third-party events but cautioned that this wouldn’t fully offset the absence of European football this season.

He also highlighted the potential impact of rising costs due to global events on all aspects of the club’s operations.

“Our ethos remains clear: to be far-sighted and run the club sustainably,” Levy added.

He outlined the importance of controlling costs, increasing commercial and sponsorship revenue, and achieving consistent European participation as key factors in their ability to invest in the squad and compete for top honours.

Since opening their new stadium in April 2019, Tottenham have invested over £600m in their men’s and women’s first-team squads.

It is worth noting that Levy earned a pay rise of around £300,000 and a bonus of £3m for the 2022/23 season, taking his salary package to £6.58m and reinforcing his position as the highest-paid club chief.

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