London (AFP) – Tottenham Hotspur reported record revenue of £306.3 million ($431 million, 350 million euros) on Tuesday but the Premier League club’s chairman said he expects “many challenges” in the coming months.
Daniel Levy, who has kept a tight rein on the wages of top players, added the London club are in “a historic period” but stressed the need to ensure “future stability”.
The 46 percent increase in revenues — to June 30, 2017 — was largely due to the new Premier League TV deal and Spurs’ participation in the Champions League, which they look likely to secure again next season.
The club is due to leave their adopted Wembley home and move next season to a new state of the art stadium — with a capacity of 62,000, it will hold 26,000 more fans than their former White Hart Lane ground.
Whilst the extra capacity and corporate facilities should ensure extra income — giving room to manoeuvre on the wages of stars such as Harry Kane — Levy is keen to maintain the disciplined approach that has served him so well for 17 years.
“As custodians of the club we are ever conscious of the need to ensure the future stability whilst managing its growth,” said Levy.
It is understood the challenges he referred to relate to the scale of the £750 million project rather than any specific issues.
If the ground is not ready in time for the start of next term, Levy may ask the Premier League to switch their opening home games with the corresponding away fixtures later in the season, as West Ham did this year at the London Stadium.
Clubs are not allowed to use more than one ground for their home games in a single season.