Spurs pursue selling stake in club to compete with rivals

Tottenham Hotspur chairman Daniel Levy has revealed that he is looking into selling a stake in the club. The businessman released a statement on Wednesday claiming to already be in discussions with “prospective investors” over a potential deal. Levy has been in place at the team since 2001, which makes him the longest-serving chairman in the entire Premier League.

The announcement comes as the north London club recorded $109 million in post-tax losses in the latest financial year. While Spurs also posted a turnover of $691 million during the timeframe, expenditures were essentially up across the board. The team claims that operating expenses were up 21%, their player wage bill rose 20%, and they spent serious money on player transfers in the 2022/23 financial year.

“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,” stated Levy.

“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.”

Tottenham says selling a stake does not come from financial woes

Despite the massive losses, Levy claimed that Spurs are “fully compliant” with profit and sustainability rules (PSR) currently in place in the Premier League. English top-flight laws state that clubs cannot record losses over $133 over three seasons. The north London team previously posted losses of $63 million during the 2021/22 season.

Spurs have attempted to offset these losses by finding creative ways to make money. One of these avenues is to rent out Tottenham Hotspur Stadium. The $1.5 billion state-of-the-art arena has hosted a bunch of non-soccer events in recent months. This includes multiple NFL games, big boxing matches, as well as a series of concerts. Beyonce, in particular, previously played five nights at the…

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Author : Chris Moore

Publish date : 2024-04-03 16:49:30

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