Tottenham makes record profit for a soccer team

Keeping player costs down has helped Tottenham set a profit world record. They’re mostly winning, too.

Tottenham's Christian Eriksen celebrates after scoring against Crystal Palace. Pic: AP

Setting a world record for profit by a soccer team while keeping player costs down, Tottenham Hotspur’s financial gamble is paying off - for now.

Spurs have moved back into third place in the Premier League after opening its new $1.8 billion stadium with a 2-0 victory over Crystal Palace.

The next morning, the club posted its financial report on the British company registry that showed a profit of £112.95 million ($207 million) in the year ending last June 30.

That eclipsed Liverpool’s profit of £106 million ($195m) last season.

Tottenham has qualified for three consecutive Champions League seasons while generating less income than rivals for the Premier League’s top four places.

But Spurs have also spent far less on their squad, according to an Associated Press analysis of financial records.

Tottenham’s turnover of £381 million ($700m) and wage bill of £148 million ($272m) was significantly surpassed in the last financial year by the two teams higher in the league - Manchester City and Liverpool - and the three teams below - Arsenal, Chelsea and Manchester United. Those five teams also spent more on agents, who facilitate transfers and contracts negotiations with existing players.

While four of the top six have won the Premier League trophy during the last 15 years, Spurs have not won the English title since 1961 or any competition since the 2008 League Cup.

“When I took over the club (in 2001), Tottenham was not a club that was a regular European challenger,” Tottenham chairman Daniel Levy said.

“Clearly, we are now, and my dream is obviously to win. We want to win and winning is both on the pitch and off the pitch. So we are going to keep going until we get both right.”

Tottenham is paying for its 62,062-capacity stadium with a £637 million (currently $1.2bn) credit facility that has an April 2022 expiration.

While Tottenham was building a new stadium on the site of its old 36,310-seat White Hart Lane, the team played at 90,000-capacity Wembley, leading home league attendance to more than double from 601,000 to 1.29 million. That sent matchday revenue soaring from 45.3 million ($83m) in the final season at White Hart Lane to £70.95 million ($130m) in the full campaign at Wembley.

South Korean striker Son Heung-Min scored Tottenham’s first goal at its new stadium. Pic: AFP

In order of the current Premier League standings, here is a look at the key financial results from 2017-18 based on accounts published in recent months:

- Manchester City: £501m turnover, £10.4m profit, £260m wages, £24.1m agent spending.

- Liverpool: £455m, £106m, £263m, £43.8m.

- Tottenham: £381m, £113m, £148m pounds, £11.1m

- Arsenal: £406m, £56.6m, £240m, £11.2m.

- Chelsea: £443m, £62m, £244m, £26.9m.

- Manchester United: £590m, £37.3m, £296m, £20.8m.

AP