skiathospurs
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Financial results, year end 30 June 2019 | Tottenham Hotspur
Financial Highlights
Financial Highlights
Revenue for the year ended 30 June 2019 was £460.7m (2018: £380.7m).
Premier League gate receipts were £34.3m (2018: £42.6m). Home matches in the 2018/19 season were played at Wembley Stadium for 14 of the 19 home Premier League games, and at Tottenham Hotspur Stadium (“THS”) for the remaining five games.
The Club reached the Final of the UEFA Champions League (2018: Round of 16 of UEFA Champions League) resulting in gate receipts and prize money of £108.4m (2018: £62.2m). This represents the 13th time in the last 14 seasons that the Club has played in Europe.
Revenue from the domestic cup competitions earned the Club £3.1m (2018: £4.4m).
Television and media revenues increased to £149.9m (2018: £147.6m),due to an additional live televised game and overseas media revenues, whilst the Club finished 4th in the Premier League (2018: 3rd).
Sponsorship and corporate hospitality revenue was £120.3m (2018: £93.4m) and merchandising revenue was £20.6m (2018: £16.0m). Other revenue contributed £24.1m (2018: £14.5m).
Profit from operations, excluding football trading and before depreciation was £172.7m (2018: £162.5m). Profit for the year after all charges including interest and tax was £68.6m (2018: £113.0m).
The opening of THS in April 2019 has seen a significant investment in tangible assets totalling £1.4bn (2018: £1bn) – facilities which include the Training Centre, the new Players’ Lodge, Percy House, (home of the Tottenham Hotspur Foundation),Lilywhite House (Club offices),new retail warehouse, new Paxton House Ticket Office and the Tottenham Experience.
The total cost of intangible assets was £332m (2018: £327m) and subsequent to the year end a further £184m has been spent on player registrations.
These investments have been financed by profits made by the Club, advanced sponsorship monies and bank finance, principally from Bank of America Merrill Lynch International, Goldman Sachs Bank USA and HSBC Bank plc. At 30 June 2019, the Club had net debt of £534m (2018: £360m).
Subsequent to the year end, our total debt of £637m was converted in September 2019 into a mix of long-term maturities with an average life of 23 years.
Running the Club within Financial Fair Play regulations, whilst servicing debt and continuing to invest in both tangible and intangible assets continues to be a key focus for the Board.
Chairman, Daniel Levy:
“We are painfully aware that it seems wholly inappropriate to be giving any attention to the prior year’s financial results at a time when so many individuals and businesses face worrying and difficult times. We are however legally required to announce these by 31 March 2020.
“We are all facing uncertain times both at work and in our personal lives. I have spent nearly 20 years growing this Club and there have been many hurdles along the way – none of this magnitude – the COVID-19 pandemic is the most serious of them all.
“You will have noticed that we have, as a necessity, ceased all fan-facing operations. With such uncertainty we shall all need to work together to ensure the impact of this crisis does not undermine the future stability of the Club. This will include working with the wider football industry and its stakeholders to seek to restore the season – but only when it is safe and practical to do so.
Don Diaz
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mehFinancial results, year end 30 June 2019 | Tottenham Hotspur
Financial Highlightswww.tottenhamhotspur.com
Financial Highlights
Revenue for the year ended 30 June 2019 was £460.7m (2018: £380.7m).
Premier League gate receipts were £34.3m (2018: £42.6m). Home matches in the 2018/19 season were played at Wembley Stadium for 14 of the 19 home Premier League games, and at Tottenham Hotspur Stadium (“THS”) for the remaining five games.
The Club reached the Final of the UEFA Champions League (2018: Round of 16 of UEFA Champions League) resulting in gate receipts and prize money of £108.4m (2018: £62.2m). This represents the 13th time in the last 14 seasons that the Club has played in Europe.
Revenue from the domestic cup competitions earned the Club £3.1m (2018: £4.4m).
Television and media revenues increased to £149.9m (2018: £147.6m),due to an additional live televised game and overseas media revenues, whilst the Club finished 4th in the Premier League (2018: 3rd).
Sponsorship and corporate hospitality revenue was £120.3m (2018: £93.4m) and merchandising revenue was £20.6m (2018: £16.0m). Other revenue contributed £24.1m (2018: £14.5m).
Profit from operations, excluding football trading and before depreciation was £172.7m (2018: £162.5m). Profit for the year after all charges including interest and tax was £68.6m (2018: £113.0m).
The opening of THS in April 2019 has seen a significant investment in tangible assets totalling £1.4bn (2018: £1bn) – facilities which include the Training Centre, the new Players’ Lodge, Percy House, (home of the Tottenham Hotspur Foundation),Lilywhite House (Club offices),new retail warehouse, new Paxton House Ticket Office and the Tottenham Experience.
The total cost of intangible assets was £332m (2018: £327m) and subsequent to the year end a further £184m has been spent on player registrations.
These investments have been financed by profits made by the Club, advanced sponsorship monies and bank finance, principally from Bank of America Merrill Lynch International, Goldman Sachs Bank USA and HSBC Bank plc. At 30 June 2019, the Club had net debt of £534m (2018: £360m).
Subsequent to the year end, our total debt of £637m was converted in September 2019 into a mix of long-term maturities with an average life of 23 years.
Running the Club within Financial Fair Play regulations, whilst servicing debt and continuing to invest in both tangible and intangible assets continues to be a key focus for the Board.
Chairman, Daniel Levy:
“We are painfully aware that it seems wholly inappropriate to be giving any attention to the prior year’s financial results at a time when so many individuals and businesses face worrying and difficult times. We are however legally required to announce these by 31 March 2020.
“We are all facing uncertain times both at work and in our personal lives. I have spent nearly 20 years growing this Club and there have been many hurdles along the way – none of this magnitude – the COVID-19 pandemic is the most serious of them all.
“You will have noticed that we have, as a necessity, ceased all fan-facing operations. With such uncertainty we shall all need to work together to ensure the impact of this crisis does not undermine the future stability of the Club. This will include working with the wider football industry and its stakeholders to seek to restore the season – but only when it is safe and practical to do so.
skiathospurs
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The accounts account show that they have £1.257billion value in freehold and long leasehold property.
They state that: "The Northumberland Development Project is now substantially complete with Lilywhite House and the opening of the Tottenham Hotspur Stadium.
"There are a number of projects at the southern end of the site (hotel, residential) which will be ultimately developed when appropriate."
The accounts talk about the loans Spurs have in place to afford the massive developments.
"The Investec Bank facility of £16m used to fund the construction of the new Training ground was amended and extended to £25m in February 2019 and will be repayable until December 2025," the accounts state.
"The £637m stadium refinancing package includes £525m from issue of long-term bonds to US investors through a private placement, and another £112m from a loan from Bank of America Merrill Lynch, who also managed the bond issue. The refinancing package has an average maturity of 23 years and a weighted average coupon of 2.66%.
"In May 2017, a £25m short term revolving loan was entered into with HSBC Bank, which is secured against group assets and was to expire in May 2022. In September 2019, this loan was extended to £50m expiring 2024."
skiathospurs
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Once again!click the tweet to read the whole thread.
skiathospurs
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I would guess Danny missed the boat with naming rights,what with our form and end of the world.Still saved a few bob not having to give him a bonus for delivering naming rights....
skiathospurs
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Tottenham take £175m Bank of England loan to ease coronavirus impact
Tottenham have borrowed £175m from the Bank of England to help them through the next year or so
Dave
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Just heard that on the news.....We mustn't be selling Kane. I'm not surprised we needed to do that, but at the same time, I'd say that Mourinho will be restricted to bargain basement deals at best.....he wont like that.Tottenham take £175m Bank of England loan to ease coronavirus impact
Tottenham have borrowed £175m from the Bank of England to help them through the next year or sowww.theguardian.com
Don Diaz
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He's also potentially missed the boat with Boxing, Capital Radio Summer Time Ball, Rock concerts and the world swimming finals (oh not that sorry) who knows if NFL will go ahead (I think I heard it's cancelled already in the UK) the rugby Union and Rugby League Test against Australia. That's a lot of dosh that he was obviously going to spend on players.........wasn't he?
skiathospurs
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yeah nfl this season cancelled outside of merica.We could freeze the pitch and do ice hockey though!!
Dave
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That's a great idea....he should also contact ITV about a new show..."Dancing on Tottenham Ice"
USspur
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All reports I have read is this is a good thing that happened for us. Could be wrong though and willing to learn either way. Only a dentist, not a CFA, CPA, etc.
skiathospurs
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I would say we have an owner worth billions and a CEO worth 400m,and we are begging from the govt and borrowing money.Its clear it is all business to them and very little to do with sport,community and philanthrophy.Which is fine,but saying stuff like we are custodians of the club and bullshit like that is just PR for the serfs and plebs,sorry clients.
I guess thats 175m+the 650m already borrowed,whilst we may have some equity left in that,how are we going to compete with signings for the next one or two decades?
skiathospurs
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Schoolboy error,its already underway watch Amazons "strictly all or nothing to dare is to do factor on ice I am a professional footballer get me out of here"
Finchbee
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Maybe the loss includes forecasted player purchases, that would be prudent
skiathospurs
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Levy`s statement says this money is operating costs and not for transfers.Could be a bluff after all why tell people you have money to spend,but given track history I would think we will stay transfer-lite,like the previous years.Unfortunately its part of the clubs perceived business model,buying cheap selling big,the new stadium was said to be an end to that,but with whats happened buckle up for more of the same from ENIC.Can Jose squeeze blood from the stone?will he stay or put his all in if he cant?Certainly fair questions,if we are to continue to be out spent by chelsea,city,liverpool,arsenal,united and now newcastle,wolves,everton with ambitious owners if Levy hangs tight on spending its going to be tough times for fans,the club,the investment on stadium.But arsenal showed you can always squeeze money out for the owner if not the team.
skiathospurs
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worth reading the whole thread.
skiathospurs
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Well we all knew they dont need fans and match day revenue to make a buck,and here it is.
skiathospurs
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skiathospurs
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Have no idea if this is legit??
skiathospurs
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hoax ally gold says.Have no idea if this is legit??
Havocc
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The bold highlights indicating Spurs is the main give-away considering this document is intended to be discreet
BrooklynYid
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We need Jeff Bezos to buy the club. Even his ex wife would do.
skiathospurs
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skiathospurs
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However, for Tottenham to have executed on this narrative, two things were essential. First, Tottenham needed to continue to establish itself as newly-minted European elite (something that felt plausible when the bonds were refinanced in September 2019, following the team’s June 2019 Champions League final against Liverpool). Second, Tottenham needed to fill its shiny new stadium with 62,000 paying fans on a regular basis. Unfortunately for Tottenham and its investors, neither conditions are being satisfied at present.
Against these falling revenues, Tottenham’s expenses have never been greater thanks to the raising of the Club’s wage ceiling at the start of the 2018/19 season, the doubling of the manager wage bill courtesy of the hire of Mourinho, and the unfortunately-timed contract buyout payment to Maurcio Pocchetino upon his sacking. EBITDA is therefore set to have fallen for the recently-finished 2019/20 season, and — assuming no change to the COVID situation — will undoubtedly fall even more precipitously over the course of the 2020/21 season.
It is thus inevitable that Tottenham’s leverage ratio will spike. On a trailing 12-month basis, the Net Debt / EBTIDA ratio will be at its highest towards the end of the 2020/21 season, when the dual impact of Europa League football and a persistently near-empty stadium will be felt most profoundly. On the assumption that the cost base is relatively inflexible, Tottenham’s leverage ratio will soar through the ‘uncomfortable’ ceiling of 4X this season. If this would make lenders to Barcelona and Manchester United uncomfortable, it seems highly probable that it would make lenders to Tottenham more than a little uneasy.
Whilst Tottenham and Manchester United are bound by bonds, the situations of the two clubs now appear markedly different: the financial position of Tottenham Hotspur is decoupling from Manchester United’s. Whilst it was Manchester United fans that once complained, it may well soon be fans of Tottenham Hotspur that take up the mantle.
To Dare is To Do, according to the club motto. It appears that Levy and his financiers dared to indebt at the most unfortunate time possible.
If I was a lender to Tottenham Hotspur, I would be feeling tense. Pondering the future, I would be nervous. The Club has too much debt relative to its near-term profitability, and it is not yet clear when the COVID-19 crisis wil come to an end. Nor is it clear whether the team will secure Europa League football for next season, let alone the Champions League football.
Lenders must be reassured. Remedial action must be taken to protect profitability. OH SHIT,Hope Levy doesnt read this part!!
skiathospurs
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Yid
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That is an uncomfortable read.
There's no way out of this shit situation... other than selling assets.
Harry, lloris, Lo'Celso..... theres 150 million maybe add anoyher 20 mill with FatBelle moved on
There's no way out of this shit situation... other than selling assets.
Harry, lloris, Lo'Celso..... theres 150 million maybe add anoyher 20 mill with FatBelle moved on
skiathospurs
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part 2
Don Diaz
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We've got enough problems without Levy and his ENIC cronies using this as another stick to beat the squad with. Just sell the fucking club, sponsor White Hart Lane and fuck and long way off taking Mourinho with you.
skiathospurs
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Thread on debt.Yikes !!!