Daniel Levy, chairman of Tottenham Hotspur, during the Premier League match between Tottenham Hotspur and Bournemouth at Tottenham Hotspur Stadium in London, England, December 31, 2023. /CFP
Tottenham Hotspur are "in discussions with prospective investors" in a bid to "capitalize on our long-term potential," chairman Daniel Levy said on Wednesday as the club published its financial results.
The Premier League club's total revenue for the financial year ending June 30, 2023, exceeded half a billion pounds for the first time, at 549.6 million pounds ($691.2 million), a significant increase on the previous year's 444 million.
Operating costs, however, have risen by 21 percent to 487.9 million pounds, with a loss of 86.8 million pounds attributed to "significant and continued investment in the playing squad."
In a statement accompanying the results, Levy said the Spurs were looking for fresh investment.
"To capitalize on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base," he wrote.
"The board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the club's shareholders."
The Spurs said revenue from match receipts, UEFA prize money and TV and media commercials all increased from the figures for 2021/22, as did the profit from operations, which rose from 112.3 million pounds to 138.7 million pounds.
The north London club added that its net debt as of June 2023 was 677.4 million pounds.
It has been more than 60 years since the Spurs were last crowned champions of England and 16 since they last lifted a major trophy, the 2008 League Cup.
Brennan Johnson (L) of Tottenham Hotspur and Emerson Palmieri of West Ham United challenge for the ball during their Premier League match at the London Stadium in London, England, April 2, 2024. /CFP
The 1-1 draw with West Ham on Tuesday dented Tottenham's bid for a top-four finish, leaving the Spurs – a club with a large and loyal supporter base – two points behind fourth-placed Aston Villa.
Their Tottenham Hotspur Stadium, the successor to their former White Hart Lane home, is widely regarded as a state-of-the-art facility and has also played host to NFL games, world title boxing bouts and rugby matches, as well as pop concerts.
But with the Spurs not involved in continental competition this season, Levy wrote, "We expect commercial revenues to rise from third-party events, although this will not compensate for the lack of European football this season."
However, he insisted that the Spurs remained committed to "consistent European participation" and winning "top honors."
"Since opening the stadium in April 2019, we have invested over 600 million pounds in our men's and women's first-team squads," he said.