Tottenham Hotspur Football Club has returned to profit thanks to its success in Europe this season. The club made pre-tax profits of £4.2 million during the last six months of 2010, up from a loss of £8.3 million over the same period the previous year, while turnover increased 49% to £79 million. Chairman Daniel Levy said:
"Our first-half figures reflect a strong performance, buoyed by the contribution from our participation in the Uefa Champions League."
Tottenham's operating expenses rose to £61.5 million, up from £48.6 million, due primarily to the costs associated with having a larger squad, but in the club's half-yearly report it said this was off-set by the "significant increase in revenue" the club brought in from its campaign in Europe this season.
It said merchandise sales increased by 22% and sponsorship and corporate hospitality revenue grew from £12.7 million to £16 million.
Spurs returned to Europe's elite competition for the 2010-11 season, having waited 48 years. The club qualified for the Champions League by finishing fourth in the English Premier League last season and now face Real Madrid in the quarter-finals on Tuesday.
"Our first-half figures reflect a strong performance, buoyed by the contribution from our participation in the Uefa Champions League."
Tottenham's operating expenses rose to £61.5 million, up from £48.6 million, due primarily to the costs associated with having a larger squad, but in the club's half-yearly report it said this was off-set by the "significant increase in revenue" the club brought in from its campaign in Europe this season.
It said merchandise sales increased by 22% and sponsorship and corporate hospitality revenue grew from £12.7 million to £16 million.
Spurs returned to Europe's elite competition for the 2010-11 season, having waited 48 years. The club qualified for the Champions League by finishing fourth in the English Premier League last season and now face Real Madrid in the quarter-finals on Tuesday.
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