Tottenham Hotspur made a world-record profit of £113 million ($148m) after tax last year, the Premier League club reported on Thursday — the day after they officially opened their new 62,000-seater stadium.
With income rising sharply as a result of player sales, hosting home matches at Wembley and a Champions League run, Tottenham’s profit surpassed the £106 million reported by Liverpool earlier this year.
“When I took over the club [in 2001], Tottenham was not a club that was a regular European challenger,” Tottenham chairman Daniel Levy said Tuesday. “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 became the first Premier League club not to make any signings in the summer transfer window last year and also failed to add to their squad in January.
The club was supposed to move into their new stadium, the cost of which has risen to one billion pounds, at the start of the current season but a series of delays meant home matches had to be played at Wembley.
While it was a frustrating wait, the extra capacity at Wembley allowed Tottenham to sell around 340,000 extra tickets, according to chairman Daniel Levy.
Tottenham’s income rose from £310m to a new club-record £380m, with Premier League matchday revenue rising from £19m to £42.6m.
The club’s Champions League revenue also rose to £53m after reaching the last 16 in 2017-18. This season they have reached the quarterfinals and will face Premier League rivals Manchester City this month.
Tottenham, currently third in the table, continued to lag behind their top-six rivals in terms of players wages, spending £147m — about half that of Manchester United and £100m less than Arsenal.
While Tottenham posted record profits, they have borrowed heavily to finance the new stadium with the loan increasing to £537m compared to the initial £400m.