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Tottenham chairman Daniel Levy has suggested the club is ready to back Antonio Conte in the transfer market and said Spurs are "determined to deliver honours", despite another difficult financial year.
The club's results for the 12 months ending June 2021 revealed pre-tax losses totalling £150million over the last two years, which have been severely disrupted by the pandemic.
Revenues fell by £40.5m to £361.9m (£402.4m in 2020), while profits dropped again to £91.7m – down from £115.3m.
Levy acknowledged the "incredibly damaging timing" of the pandemic, which coincided with Spurs opening their new £1.2billion stadium, but insisted the club had “emerged...financially stable”, while warning that they still faced “significant cost pressures” as a result of Covid and Brexit.
The chairman has been criticised by the Supporters’ Trust for lacking a long-term strategy, while new head coach Conte said in his first press conference that Spurs need a “vision” for the football side of the club and must build a team to match their training ground and stadium.
On Tuesday, Levy promised Spurs would invest in the team and continue a business model based on the “virtuous, sustainable circle”.
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“Going forward…our strategy is clear - to drive and generate revenues to invest in all of our football activities,” read the chairman’s statement accompanying the financial results.
“Football success, in turn, supports the growth of our Club, our fanbase and consequently wider, commercial opportunities and partnerships, which then deliver further revenue to reinvest in football - the virtuous, sustainable circle on which our Club model is based.
“Having delivered our training centre, The Lodge and stadium we shall not stand still, we shall continue to innovate and ensure the most exceptional player, fan and visitor experiences. Our building blocks for the future success of the Club are now firmly in place."
Levy said revenue would be generated by events at the stadium such as boxing, rugby, NFL and concerts, and that the club would continue to “undertake supporting property projects” in N17 – part of his drive for a total “transformation of our neighbourhood”.
Spurs lost nearly £25m as a result of not being in the Champions League last season, with UEFA prize money down to £23.6m from £51.2m in 2020.
The club’s debt, meanwhile, rose by over £100m to £706m (2020: £605m), with repayment terms extended to 2051.
Match-day revenues plummeted to just £1.9m (2020: £94.5m) due to games played behind closed doors, although TV and media revenues increased to £184.4m (2020: £95.2m) as a result of the 2019-20 season being suspended and completed in the current financial year.
Nevertheless, Levy was bullish about the club’s prospects under Conte and managing director Fabio Paratici, and said they were determined to win trophies.
"The appointments of Fabio and Antonio are a clear demonstration of our intent and ambition,” he said.
“Since opening the stadium in April, 2019, we have spent almost £400m on players. Player spending is no guarantee of success, and our focus must be on improved recruitment, coaching, fitness and a competitive mindset.
“We shall also look to continue the well-established path for youngsters from our Academy to our First Team. I know that Antonio’s approach is if a player is good enough, he will play, regardless of status or age.
“We have come a long way and we have so much further to go. We remain relentlessly ambitious and are determined to deliver honours and make our supporters proud.”
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