http://www.tottenhamhotspur.com/news/financial-results-shareholder-and-stadium-update-020414/ Haven't read it yet, but put here for comment Non-Core Properties Divested Phase 1 Stadium Development Financed to Completion £40m Capital Investment Financial Highlights Revenue for the year ended 30 June 2013 was £147.4m, an increase of 2% on the prior year (2012: £144.2m). Profit from operations excluding football trading and before depreciation was £23.4m (2012: £23.0m) for the year ended 30 June 2013. Looking back over the past five years this measure of cash generated from operations has averaged over £25m per annum. Profit for the year after interest and tax was £1.5m (2012: loss £4.3m). Premier League gate receipts rose by 4% to £22.2m (2012: £21.4m) while gate receipts and prize money from the domestic cup competitions and the UEFA Europa League were 14% higher at £11.3m (2012: £9.9m). Revenues continued to increase on the commercial front with Sponsorship and Corporate Hospitality revenues increasing by 6% and Merchandising revenues increasing by 5%. We were delighted to be able to announce, subsequent to this period, a record new shirt partnership with one of the worldâs leading insurance companies, AIA, for the next 5 years. AIA is the largest independent, publicly listed Pan-Asian life insurance group and we now have the opportunity to further extend our fan base in the Asian and Oceania continents. The Club continues to comply with the Financial Fair Play regulations and supported the adoption of similar financial regulations by the Premier League in February 2013. Stadium and Associated Development Update (Northumberland Development Project âNDPâ) The Club has undertaken a review of its property holdings in order to determine the essential core properties required to deliver the new stadium, with non-core properties, that are excess to requirements, being sold and the proceeds used to pay down debt secured against those properties. As a result, Phase 1 of the NDP and a number of properties to the west of the High Road have been divested, at arm's length, to a Group company, TH Property Limited a subsidiary of ENIC International (ââENICââ), the Companyâs principal shareholder. This has been agreed through a process of independent valuations that has been approved by the Clubâs independent Non-Executive Directors. ENIC has subsequently financed the Phase 1 development through to completion which includes the Supermarket, commercial space and incorporates the northern access podium for the stadium development. By transferring these non-core sites, the Club continues to be able to determine the development and the nature and setting of the immediate environs around the new stadium, particularly given that Phase 1 will be linked to the stadium podium, whilst additionally securing space in the Phase 1 building for the Clubâs staff and project team ahead of the start of construction of the stadium. In respect of the next stage of the new stadium process, a Public Inquiry was held in April 2013 relating to the last remaining property to be acquired so that we can move forward with completing land assembly and we currently await the Secretary of Stateâs decision on the Compulsory Purchase Order (ââCPOââ). During the delay in land acquisition, we have continued to progress the stadium finance plans with advice from N M Rothschild. It is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of Summer 2017 feasible. We welcome the ongoing commitment from, and continue to work closely with, National Government, the Greater London Authority and Haringey Council, to deliver regeneration and make Tottenham a better place to live, work, study, play and visit â a vision supported in the newly adopted Tottenham Strategic Regeneration Framework. Fundraising In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course. The sale of the properties has extinguished the Club's property borrowing which had accumulated over the last decade - a decade which has seen the club acquire over 18 acres of land, successfully relocate 72 businesses, with the majority staying in the area, and invest in excess of £100m in the stadium project. The finance has ensured that, throughout the CPO process, the ongoing costs of design development, pre-construction works and the costs associated with the CPO itself, have not affected the progress of this project. Importantly, this support leaves the Club in a position where it currently has negligible net debt and has financing for the material ongoing costs of taking the stadium project to the next stage. It has always been important that the daily operations and football side of the Club remain unaffected and that the Club has the stability to enable the Board to move the project forward with confidence. Chairman, Daniel Levy, commented, "Our financial position is key to ensuring we can continue to thrive both on and off the pitch and we have taken the necessary, prudent steps to ensure that we are in a secure financial position as we move forward. âAt the time of this announcement, we are in sixth position in the Premier League and it has been another season when the top four places have been fiercely contested by at least seven teams. It is no surprise that the English Premier League is the most watched League in the world as every season the fight for a top four UEFA Champions League place becomes more competitive. âWe have come far in the last decade - we have raised our expectations from a Club aiming to be in the top half of the table, to competing in Europe each season - to the point at which we find ourselves disappointed if we don't make Champions League. âThis season we have had to make significant changes, both in respect of coaching and playing staff and yet we are currently only two points less than last seasonâs tally. Whilst this seasonâs performances and results have not lived up to expectation, we believe our squad has potential and it is important that we all now show commitment and teamwork to get the best possible finish to the season. âWe have fantastic, strong support. Our current 36,000 seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000. We cannot stress strongly enough how critical the new stadium is over the long-term to these raised expectations. We have the smallest capacity stadium of any club in the top 20 clubs in Europe, let alone the current top four Premier League clubs, and given we now operate within UEFA Financial Fair Play rules, an increased capacity stadium and associated revenues is fundamental to supporting the future ambitions and consistent achievement at the top of the game. âOur focus therefore is to continue to invest in and develop the squad - we shall not look to a summer of major upheaval, but rather to strengthen in key positions - to play the style of football for which we are famous - and to deliver the new stadium. âThe new stadium is a landmark project, of importance not just for our Club , but to the regeneration of an area which has been our home for more than 132 years and to London as a whole. It will be a key regenerative component of the local economy and a significant tourist attraction in its own right. âTo anyone visiting Tottenham today, our commitment to delivering the new stadium project and associated regeneration is clear for all to see - Phase 1 is built, the Club-sponsored Tottenham University Technical College is due to open this Summer, 447 jobs have been delivered to date and some 9 acres have been cleared in readiness for the stadium development. We eagerly await the outcome of the CPO decision by the Department of Communities and Local Government. âWe are optimistic for the long-term future and believe our efforts will make this great Club even greater over time. Our supporters are our life-blood and we shall ensure that they are our most important stakeholder as we move forward."
Thanks ENIC. Maybe a little short of what is needed, but the next gift will surely be better. It all reads very well.
A lot of maybes with no definitely s . Seems a lot non-committal business nonsense drivel. Just in time to dull down the unwashed , with online petitions and protests being planned. 2017 new stadium , I should coco.
Heard it all before. Not falling for this sentiment yet again. Based on past experience, that means sacking our manager, selling our best players, keeping the crap ones and wasting millions on new "talent". Can't wait.
.....and a coach who can show our forwards where the opposing goal is and how to put the ball in between the oppositions posts.
hate to sound doubtful but this plan and timescale is as believable as the bankers claiming they deserve their bonuses
I wish I could be so full of optimism. What odds would it take for anyone here to bet that the stadium will be ready in 2017? 10:1? No? 100:1. I might put a few on 1000:1.
Reading between the lines Non-Core Properties Divested = ENIC, i.e. Uncle Joe and me will make the profit out of the parts of the development not directly related to the football team. Phase 1 Stadium Development Financed to Completion The podium bit leading the stadium has been paid for. It was cheaper using the demolition rubble to build this rather than dispose of it at landfill. £40m Capital Investment ENIC have loaned the football club £40M to get Phase one built rather than fork out for it out of our own pockets Financial Highlights Revenue for the year ended 30 June 2013 was £147.4m, an increase of 2% on the prior year (2012: £144.2m). Ticket prices went up last season Profit from operations excluding football trading and before depreciation was £23.4m (2012: £23.0m) for the year ended 30 June 2013. Looking back over the past five years this measure of cash generated from operations has averaged over £25m per annum. Profit for the year after interest and tax was £1.5m (2012: loss £4.3m). We screwed you for £23.5 M on merchandise and hospitality and after Uncle Joe and me, the taxman (unavoidable) and the bank (in which uncle Joe is the major shareholder) have all had our cuts there was £1.5M left. So it's a £1.5M bonus for me next year. Premier League gate receipts rose by 4% to £22.2m (2012: £21.4m) while gate receipts and prize money from the domestic cup competitions and the UEFA Europa League were 14% higher at £11.3m (2012: £9.9m). As I already said, we increased ticket prices Revenues continued to increase on the commercial front with Sponsorship and Corporate Hospitality revenues increasing by 6% and Merchandising revenues increasing by 5%. We're buying lower quality gear and upping the prices to you mugs We were delighted to be able to announce, subsequent to this period, a record new shirt partnership with one of the world’s leading insurance companies, AIA, for the next 5 years. AIA is the largest independent, publicly listed Pan-Asian life insurance group and we now have the opportunity to further extend our fan base in the Asian and Oceania continents. Uncle Joe is planning on moving into insurance The Club continues to comply with the Financial Fair Play regulations and supported the adoption of similar financial regulations by the Premier League in February 2013. We never spend any more on players than we raise from sales Stadium and Associated Development Update (Northumberland Development Project “NDP” The Club has undertaken a review of its property holdings in order to determine the essential core properties required to deliver the new stadium, with non-core properties, that are excess to requirements, being sold and the proceeds used to pay down debt secured against those properties. ENIC are syphoning off the profit from the NDP As a result, Phase 1 of the NDP and a number of properties to the west of the High Road have been divested, at arm's length, to a Group company, TH Property Limited a subsidiary of ENIC International (‘’ENIC’’, the Company’s principal shareholder. This has been agreed through a process of independent valuations that has been approved by the Club’s independent Non-Executive Directors. ENIC have used Spurs funds during the recession to purchase land on the west side of the high road and now it is time to develop it ENIC have acquired it at cost. ENIC has subsequently financed the Phase 1 development through to completion which includes the Supermarket, commercial space and incorporates the northern access podium for the stadium development. ENIC has collared the profit out of Phase 1 By transferring these non-core sites, the Club continues to be able to determine the development and the nature and setting of the immediate environs around the new stadium, particularly given that Phase 1 will be linked to the stadium podium, whilst additionally securing space in the Phase 1 building for the Club’s staff and project team ahead of the start of construction of the stadium. The club have only the footprint of the stadium left under their own ownership but ENIC will kindly rent the club office space at top dollar during the duration of the construction work. In respect of the next stage of the new stadium process, a Public Inquiry was held in April 2013 relating to the last remaining property to be acquired so that we can move forward with completing land assembly and we currently await the Secretary of State’s decision on the Compulsory Purchase Order (‘’CPO’’. During the delay in land acquisition, we have continued to progress the stadium finance plans with advice from N M Rothschild. Unless the Secretary of State approves the compulsory purchase order we will go to the Red Tops and tell them about the rent boys. It is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of Summer 2017 feasible. Unless we can flog Lloris and Verts at a large profit we might struggle to afford Consulting Engineers to oversee the project. We welcome the ongoing commitment from, and continue to work closely with, National Government, the Greater London Authority and Haringey Council, to deliver regeneration and make Tottenham a better place to live, work, study, play and visit – a vision supported in the newly adopted Tottenham Strategic Regeneration Framework. We will over price the houses to get rid of the local riff raff and get some city types in. We can make a killing flogging prawn sarnies at the 'New Lane' then. Fundraising In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course. Any profit Spurs make in the future ENIC will cream off in share dividends The sale of the properties has extinguished the Club's property borrowing which had accumulated over the last decade - a decade which has seen the club acquire over 18 acres of land, successfully relocate 72 businesses, with the majority staying in the area, and invest in excess of £100m in the stadium project. Now the recession is over it's worth developing the land around the stadium. Thanks for financing it THFC but ENIC will have the profit thank you very much. The finance has ensured that, throughout the CPO process, the ongoing costs of design development, pre-construction works and the costs associated with the CPO itself, have not affected the progress of this project. ENIC would like to thank Spurs for acquiring all the land and businesses in the name of football as ENIC would have had to pay three times as much to evict the locals Importantly, this support leaves the Club in a position where it currently has negligible net debt and has financing for the material ongoing costs of taking the stadium project to the next stage. It has always been important that the daily operations and football side of the Club remain unaffected and that the Club has the stability to enable the Board to move the project forward with confidence. Spurs have slightly less than nothing from a financial viewpoint whilst the outlook for ENIC is excellent. Chairman, Daniel Levy, commented, "Our financial position is key to ensuring we can continue to thrive both on and off the pitch and we have taken the necessary, prudent steps to ensure that we are in a secure financial position as we move forward. We've sold all of our best players to finance the footballing side of the business. In addition, we've employed a rather inexpensive manager who won't break the bank when I sack the twat “At the time of this announcement, we are in sixth position in the Premier League and it has been another season when the top four places have been fiercely contested by at least seven teams. It is no surprise that the English Premier League is the most watched League in the world as every season the fight for a top four UEFA Champions League place becomes more competitive. We are second to bottom w.r.t our rivals. Even both sets of mousers, the goons, the Chavs and Citeh are above us. “We have come far in the last decade - we have raised our expectations from a Club aiming to be in the top half of the table, to competing in Europe each season - to the point at which we find ourselves disappointed if we don't make Champions League. I'm going to sack Sherwood unless he gets us into the top four. “This season we have had to make significant changes, both in respect of coaching and playing staff and yet we are currently only two points less than last season’s tally. Whilst this season’s performances and results have not lived up to expectation, we believe our squad has potential and it is important that we all now show commitment and teamwork to get the best possible finish to the season. We sold our best players to cash in and then signed a bunch of turkeys. I had to sack AVB when I figured he was a right tosser. God knows why I appointed him, everyone told me he was ****. Our football is **** and performances haven't improved because I appointed another right tosser. The third tosser, Baldini, tells me some of the new signings can actually play football although I've yet to see it. I dread the last 6 games, how far can we drop? “We have fantastic, strong support. Our current 36,000 seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000. We cannot stress strongly enough how critical the new stadium is over the long-term to these raised expectations. We have the smallest capacity stadium of any club in the top 20 clubs in Europe, let alone the current top four Premier League clubs, and given we now operate within UEFA Financial Fair Play rules, an increased capacity stadium and associated revenues is fundamental to supporting the future ambitions and consistent achievement at the top of the game. Give us more of your money mugs “Our focus therefore is to continue to invest in and develop the squad - we shall not look to a summer of major upheaval, but rather to strengthen in key positions - to play the style of football for which we are famous - and to deliver the new stadium. We don't want to spend any money in the summer but need to get rid of the useless ****s we signed last year, I will be a busy ****er at 11o'clock on deadline day. “The new stadium is a landmark project, of importance not just for our Club , but to the regeneration of an area which has been our home for more than 132 years and to London as a whole. It will be a key regenerative component of the local economy and a significant tourist attraction in its own right. We will encourage rich ****ers from all over London to displace the local, poorer residents. “To anyone visiting Tottenham today, our commitment to delivering the new stadium project and associated regeneration is clear for all to see - Phase 1 is built, the Club-sponsored Tottenham University Technical College is due to open this Summer, 447 jobs have been delivered to date and some 9 acres have been cleared in readiness for the stadium development. We eagerly await the outcome of the CPO decision by the Department of Communities and Local Government. The football club is paying for the new technical college, you didn't for one second think that Uncle Joe would put his hand in his pocket did you? 446 security guards have been employed to stop the thieving locals nicking everything and I've had to employ a cleaner because of all of the ****ing dust resulting from the construction work. “We are optimistic for the long-term future and believe our efforts will make this great Club even greater over time. Our supporters are our life-blood and we shall ensure that they are our most important stakeholder as we move forward." If this club is ever great again the fans are going to have to pay for it.
No time Mrs DD was giving me super grief whilst I was doing that. She doesn't understand, she's African. I get 'I don't know why you waste your time, what have Tottenham ever done for you?'
I wonder if Daniel reads these boards.If he does,he's either rolling around on the floor peeing his pants or has a pistol pointing at his cranium! I can't decide!
"They've broken my heart dozens of times," doesn't cut it? Seriously, I'm not as suicidally depressed as I sound. (Just as Wagner's music is really much better than it sounds.) In the white hot glare of media attention, in the very finely poised game of football, getting things a bit wrong is likely to be seen as disastrous incompetence. I don't think we know much about how our signings will pan out, except that Chiriches, Capoue and Eiriksen were worth the money, and, perhaps, that Soldado was not. (Though even here, if a manager could get Soldado to lead clinics on how to pass and move around the box, the other players could learn a lot, especially Eiriksen, a fine shooter and dribbler who tends to naively go for too much with his passes from too far away.) Get the right manager to instill the right plan and stick with him, and we could be excellent, possibly even next year, certainly the year after that. What are the chances of that? Better than most of tend to think, I believe. The fans seem to have learned this year to stay behind the team better. They've gotten behind managers in the past. We've stumbled from one mistake to the next since Harry for England but both good and bad runs of decisions come to an end, often abruptly. With so many young, talented players, Spurs of all teams are liable to be mercurial, capable of wild swings of fortune. Maybe we're due for a good run soon.
"I wonder if Daniel reads these boards." I bet somebody PR related at the club does. And reports regularly to the head honchos about what the general sentiment is on Spurs social media networks. They would be fools not to.
http://www.tottenhamhotspur.com/news/new-stadium-update-100914/ What is says: Further to the Secretary of State confirming the Compulsory Purchase Order in respect of the last remaining land to be acquired for the stadium site, the Club can confirm that the landowners, Archway Sheet Metal Works Ltd and the Josif Family have exercised their right to seek to challenge the Secretary of State's decision in the High Court. The challenge proceedings will now commence and we await notification of the earliest possible date for the High Court Hearing. We have already successfully and amicably relocated more than 70 businesses in the area to the satisfaction of all parties concerned and a number of these organisations continue to reside in the borough. Whilst we were able to accommodate all these other businesses' requests, in the instance of Archway, we have been unable to reach agreement over the period of the last seven years. That said, we remain committed to finding the earliest possible resolution and shall continue to engage with Archway regarding a possible agreement reached by private treaty. Given the lengthy period of time taken to reach the CPO decision in the first place, we should like to advise supporters that it is highly unlikely we shall be able to open the new Stadium at the start of the 2017/2018 season. The Club has revised its construction programme in order to take the shortest possible time to construct. This now therefore involves the Club moving away from the Lane during construction for a period of one season, to start at the beginning of a season in order to comply with Premier League rules. We are currently undertaking due diligence on alternative stadium options. Consideration needs to be given to several factors, including planning and policing and, importantly, our fans and the impact it may have on the Team itself. Clearly all possible options have pros and cons and we are aware that we shall not be able to find one which will please all parties. We shall however seek to find the optimum solution for the Club and our supporters and we shall be sharing our deliberations with our supporters at an appropriate time. We shall continue to provide updates as matters progress. I feel that I shall never see a new WHL at this rate
What's their problem? Greedy? Gooners? It's not like they're the sort of business that gets passing trade and have to be in that location. please log in to view this image That can be replaced.
"What's their problem? Greedy? Gooners?" There have been claims that Levy tried his usual tactics during a prior purchase attempt. Which put the back of the owners right up. "It's not like they're the sort of business that gets passing trade and have to be in that location." They are not too far from the A10, North Circular or Meridian Way roads. That counts for something I guess for a company that does not buy/sell metal-based materials/products in the post.
