(Reuters) – Tottenham Hotspur announced an increase in revenue of 80 million pounds ($94.19 million) in 2019 but chairman Daniel Levy said the figures were inconsequential compared to the challenge of working to ensure the club survives the coronavirus pandemic.
Spurs recorded revenues of 460.7 million pounds for the year ending June 30, 2019 and made a profit of 68.6 million pounds after tax — a 44.4 million drop from the world record 113 million pound profit the London club made last year.
The revenue increase was thanks largely to the club reaching the Champions League final last season where they finished runners-up to Liverpool, allowing the club to pocket 108.4 million pounds in gate receipts and prize money.
Television and media revenues increased marginally to 149.9 million pounds. Meanwhile, sponsorship and corporate hospitality revenue was 120.3 million pounds — an increase of nearly 27 million pounds.
The opening of the new 62,000-seater stadium last April saw investments rise up to 1.4 billion pounds while the total cost of intangible assets was listed at 332 million pounds.
With the Premier League suspended until April 4 due to the coronavirus pandemic, Levy said it was not the time to give attention to the club’s financial results but they were legally bound to announce them before the end of the month.
“I’ve spent nearly 20 years growing this club and there have been many hurdles along the way – none of this magnitude – the COVID-19 pandemic is the most serious of them all,” Levy said in a statement https://www.tottenhamhotspur.com/news/2020/march/financial-results-year-end-30-june-2019.
“We have, as a necessity, ceased all fan-facing operations. With such uncertainty we shall all need to work together to ensure the impact of this crisis does not undermine the future stability of the club.
“This will include working with the wider football industry and its stakeholders to seek to restore the season – but only when it is safe and practical to do so.”
Spurs are currently eighth in the Premier League with nine games to go — seven points behind fourth-placed Chelsea and potential Champions League qualification.
They were knocked out in this season’s Champions League last 16 by RB Leipzig last week and were eliminated from the FA Cup by Norwich City earlier this month.
($1 = 0.8493 pounds)
(Reporting by Rohith Nair in Bengaluru; Editing by Christian Radnedge)
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