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Brilliant find Nic. makes wonderfull reading & just goes to prove what I've been sying. These are exciting times at The Lane . . . . . . .
Summary and Outlook
· Record revenues of £119.8 million
· Profit from operations excluding football player trading of £22.7 million
· Total assets of £288.2 million
· Increases in media and broadcasting revenues, including a higher merit award for our fourth place finish
· Stadium at full capacity for every FAPL game resulting in increased gate receipts and merchandising revenues
· Continued investment in the First Team squad and in capital projects
Capital projects
The Club revised its plans for the Northumberland Development Project - the new stadium and related developments scheme - in response to stakeholder feedback. New designs incorporated four retained heritage buildings, a raised piazza and revised southern development with reduced residential and increased public square. The plans were formally submitted to Haringey Council in October 2009 and received approval by the Council's Planning Committee on 30 September 2010. At the time of publication of this Report, the application was in the process of being referred to the Mayor of London and the Secretary of State in order to obtain full consent.
The stage of consent reached to date, with the incorporated amendments, has meant that the projected cost of the scheme has risen substantially. Retained historic buildings, which will require extensive refurbishment and renovation, increased development costs associated with the piazza, the loss of enabling development with the reduction in residential, substantive S106 and S278 agreements and a sizeable contribution to Transport for London, collectively add in the region of £50m to the costs. Additionally, the scheme does not benefit from public sector grants or regeneration monies.
It was therefore prudent and sensible that, at a time when we had yet to receive approval for the application, we should register our interest in the Olympic Stadium site, before the deadline of expressions of interest passed.
A new, increased capacity stadium is essential for our Club. We have 33,000 supporters on the paid-for Season Ticket Waiting List and we need to continue to move the Club forward which can only be delivered for the longer term in an enlarged stadium.
We shall continue to pursue our stadium processes and we shall retain our primary focus of creating the most atmospheric stadium in Europe - this is what our supporters deserve and this is what makes our matchday experience unmissable.
We shall shortly be taking the players to view the latest stage of works to the new Training Centre at Enfield. Groundworks have been ongoing for several months and we have now started construction works on the main building. The opening of this state-of-the-art facility will be much welcomed and long awaited and we anticipate it being operational for the 2012/2013 season. I have no doubt that the playing and non-playing staff of both the First Team and the Academy will thoroughly enjoy their new surroundings and world-class facilities on the 73 acre green belt site.
On the pitch
Our fourth place finish in the Premier League at the end of the season was truly memorable and long awaited. It heralded a return to Europe and our entry to the elite Champions League. Following on from this success, in the current season we won our qualifying round to progress to the Group Stages of the Champions League, in which we recorded a memorable win over Inter Milan, the current European Champions, on an unforgettable November night at White Hart Lane. Investment in the First Team squad has long been the first priority at the Club and we must now look to continue our consistently good performances with a stable squad.
In 2009/2010 we reached the quarter-finals of the Carling Cup, being knocked out by the eventual winners Manchester United and went one round further in The FA Cup, reaching the semi-finals before a disappointing loss in extra time to Portsmouth at Wembley.
During the financial year the following players joined the Club: Sebastien Bassong, Anton Blackwood, Peter Crouch, Eidur Gudjohnsen (loan), Younes Kaboul, Niko Kranjcar, Kyle Naughton, James Walker and Kyle Walker. The total cost of all of these players was £37.8m.
The following players have left during the financial year: Troy Archibald-Henville, Darren Bent, Yuri Berchiche, Kevin-Prince Boateng, Lee Butcher, Pascal Chimbonda, Sam Cox, Gilberto Da Silva Melo, Chris Gunter, Tomas Pekhart, James Walker, Didier Zokora, for total fees of £24.6m.
Since the year end we have boosted the squad further with the following signings: William Gallas, Stipe Pletikosa, Sandro, Rafael van der Vaart, for combined transfer fees of £19.9m.
The following players have left since the year end: Dorian Dervite and Adel Taarabt, for combined transfer fees of £0.9m.
The Club had a successful pre-season tour in the summer of 2009, when the First Team squad competed in and won the Barclays Asia Trophy and also participated in the Wembley Cup. In the summer of 2010 the First Team trained with our international partner club, San Jose Earthquakes and participated in the Red Bulls tournament in New York.
At youth level, three more academy players, David Button, Jake Livermore and Danny Rose made their debuts during the season, building on the four from the previous season. These First Team appearances are invaluable experiences at such young ages. Behind the scenes the endless development hours for the younger players come in the form of training and friendly game experience with the First Team, plus acquiring playing experience in the Football League. This is a result of the Club's strategy to withdraw from the Reserve League and allow players to accumulate senior appearances in the Football League. Last season 17 players under 21 years of age played an average of 22 games each, whilst still training regularly back at the Lodge and playing in midweek development games for Tottenham Hotspur. We feel this combination of technical development at home with added coal-face experience in the League is the best way of bridging the gap from youth football to the Premier League.
The feedback we receive about the level of professionalism and conduct of our young players on loan is particularly pleasing and they are a credit to our Club.
Additionally, 16 players competed in international football for their respective Under-16 to Under-21 sides, 13 of whom played for England.
We attended 28 tournaments as part of the continuing strategy of preparing young players to compete against the different football styles and cultures which make up the Premier League.
International development
We had a busy year with our three well established partnerships, namely Supersport United FC (South Africa), South China (Hong Kong) and San Jose Earthquakes (USA), and were delighted to agree a new partnership with FC Internacionale (Brazil).
All these partnerships have been developed to provide relationships that can facilitate the development of players and the exchange of coaching and academy methodologies. As a result we have seen players visit us from all four clubs and we have made several visits to our partners. We have also jointly participated in international tournaments with our partners.
The very visible, immediate gains of these partnerships have been the signings of Sandro from FC Internacionale and a pre-contract agreement with Khumalo Bongani to join us from Supersport in January 2011. At Academy level we continue to monitor players at all age groups and are excited about the future potential.
Fan development
This period included plans for programmes and incentives designed to promote access to our next, younger generation of fans. Launched at the start of the 2010/2011 season, these included free membership for under-11's, which doubled our junior membership, along with provisions for season ticket holders to bring their children to matches, free stadium tours for schools and increased family days and events. It is important that we recognise the need to make the Club and its fixtures accessible and to welcome new fans as we seek to grow the Club for the future.
Tottenham Hotspur Foundation
This was the year that saw us reach the key milestone of having delivered one million opportunities through the Club's Foundation, and we achieved this within two years. It is a remarkable achievement. All too often the work of football clubs in the community is seen as a photo opportunity or a brief player appearance - we have deliberately worked hard to remove this superficial and inaccurate description. Anyone who attended the Foundation's recent awards ceremony as part of our 'To Care is to Do' programme would have realised that the work achieves real results. This programme, which works with children in care, is just one of the many examples of programmes we run which work with individuals and which fundamentally address their issues and make it possible for them to achieve more in life. Hours are given to one-to-one contact and mentoring, and the results are inspiring.
We are proud of the fact that the Tottenham Hotspur Foundation continues to lead the way within Community Sport by developing a wide range of innovative and pioneering projects across London.
Within this period we developed and launched the Foundation's new educational degree course and became an institutional partner with Middlesex University. This is the first partnership of its kind and the learners will undertake an 'Applied Sport and Community Development' Foundation Degree focusing on sport and community.
The Foundation continues to deliver a number of estate-based projects across four London boroughs (Haringey, Enfield, Barnet and Waltham Forest) and in Harlow.
The Section 106 agreement with Enfield Council and Lee Valley Park Regional Authority relating to our new Training Centre at Bulls Cross was also launched. To date a range of projects have been delivered including healthy walks, writing skills courses, estates and health programmes and further initiatives will be delivered over the next 10 years.
Our international work continues and Foundation coaches have this year travelled to Sri Lanka, China, South Africa, Portugal, Singapore and Poland to help support work within disability sport and football development.
We shall continue to underwrite the work of the Foundation as this Club is fully aware of its responsibility to its communities.
Other charitable donations
In support of our international charity SOS Children's Villages, the Club participated in World Orphan Week. Every player sponsored an orphan from three countries around the world - Haiti, China and South Africa.
We specifically arranged sponsorship of children in the Club-funded orphan's house in Rustenburg, South Africa by our players likely to be selected for England. It was especially heart-warming that in the lead up to the World Cup 2010, Michael Dawson was able to visit the house and meet the young lad he was personally sponsoring.
We have also worked with and supported Help 4 Heroes and donated thousands of tickets to Tickets for Troops. We regularly send out flags and kit to our fans in the armed forces serving overseas. We auctioned the Poppy Appeal match shirts and generous supporters bidding helped us raise over £30,000 for that event alone.
We continue to support the Tottenham Tribute Trust (TTT) which looks after ex-players in need. A special range of legends shirts was marketed and sold with all profits to the TTT and we have planned activities for future fund-raising jointly with the committee.
During this period we became the first British club to become a Special Olympics Global Football Ambassador, alongside Inter Milan. We shall now work with Special Olympics in both the UK and around the world and the Foundation recently supported their work in Portugal.
Outside of the period and notably due to our location in Northumberland Park, the most deprived area of London, the Club and players, led by Benoit Assou-Ekotto, made a substantial donation to the Evening Standard's 'The Dispossessed Campaign'.
Environmental responsibility
The Club takes a responsible approach to the challenges of climate change. In addition to being a founding participant of 10:10, we have also embraced leading green technologies in the new Training Centre currently under construction.
Notably, the new building will include an inter-seasonal Aquifer Thermal Energy Store (ATES). This will reduce the carbon emissions footprint by a 30% improvement on the minimum standard required and this will be one of the first uses of this type of technology in the UK.
Management and staff
I would like to thank Harry Redknapp, the coaches and all the players for a wonderful season.
There is never a quiet period at a football club and I should like to thank all of our staff for their consistent hard work and determination to deliver the very best service to supporters.
At the end of the season, John Alexander, our Club Secretary, left us to join Manchester United after 10-years' service. We thank him and wish him well for the future. I am very pleased to welcome Darren Eales as his replacement, who joins us from West Bromwich Albion.
I should also like to once again thank Sir Keith Mills, our Non-Executive Director, for his invaluable guidance and support.
We are delighted to announce the appointment to the Club's management board of Charlie Wijeratna as Executive Director with commercial responsibilities, with effect from December 2010. Charlie joins us from the London Organising Committee for the Olympic Games where he was responsible for the delivery of significant commercial revenues. He brings with him a proven track record and will be a great addition to the management team.
Outlook
Our priority on the pitch remains the Premier League - this is the true measure of our progress and ability to compete at the highest level.
We are benefiting now from our investment to date in the First Team squad. Our challenge is to accrue further benefits from our investment in capital projects in order to lay the strongest foundations for the future stability and prosperity of the Club.
I would like to commend everyone at the Club for their continued hard work and thank our supporters for their magnificent support both home and away throughout the season.
Daniel Levy
Chairman
10 November 2010
Commenting, Daniel Levy, Chairman, said:
"This period has seen the Club produce a record turnover and a 23% increase in operating profit.
"We are benefiting now from our investment to date in the First Team squad. Our challenge is to accrue further benefits from our investment in capital projects in order to lay the strongest foundations for the future stability and prosperity of the Club.
"I would like to commend everyone at the Club for their continued hard work and thank our supporters for their magnificent support both home and away throughout the season."
Summary and Outlook
· Record revenues of £119.8 million
· Profit from operations excluding football player trading of £22.7 million
· Total assets of £288.2 million
· Increases in media and broadcasting revenues, including a higher merit award for our fourth place finish
· Stadium at full capacity for every FAPL game resulting in increased gate receipts and merchandising revenues
· Continued investment in the First Team squad and in capital projects
Capital projects
The Club revised its plans for the Northumberland Development Project - the new stadium and related developments scheme - in response to stakeholder feedback. New designs incorporated four retained heritage buildings, a raised piazza and revised southern development with reduced residential and increased public square. The plans were formally submitted to Haringey Council in October 2009 and received approval by the Council's Planning Committee on 30 September 2010. At the time of publication of this Report, the application was in the process of being referred to the Mayor of London and the Secretary of State in order to obtain full consent.
The stage of consent reached to date, with the incorporated amendments, has meant that the projected cost of the scheme has risen substantially. Retained historic buildings, which will require extensive refurbishment and renovation, increased development costs associated with the piazza, the loss of enabling development with the reduction in residential, substantive S106 and S278 agreements and a sizeable contribution to Transport for London, collectively add in the region of £50m to the costs. Additionally, the scheme does not benefit from public sector grants or regeneration monies.
It was therefore prudent and sensible that, at a time when we had yet to receive approval for the application, we should register our interest in the Olympic Stadium site, before the deadline of expressions of interest passed.
A new, increased capacity stadium is essential for our Club. We have 33,000 supporters on the paid-for Season Ticket Waiting List and we need to continue to move the Club forward which can only be delivered for the longer term in an enlarged stadium.
We shall continue to pursue our stadium processes and we shall retain our primary focus of creating the most atmospheric stadium in Europe - this is what our supporters deserve and this is what makes our matchday experience unmissable.
We shall shortly be taking the players to view the latest stage of works to the new Training Centre at Enfield. Groundworks have been ongoing for several months and we have now started construction works on the main building. The opening of this state-of-the-art facility will be much welcomed and long awaited and we anticipate it being operational for the 2012/2013 season. I have no doubt that the playing and non-playing staff of both the First Team and the Academy will thoroughly enjoy their new surroundings and world-class facilities on the 73 acre green belt site.
On the pitch
Our fourth place finish in the Premier League at the end of the season was truly memorable and long awaited. It heralded a return to Europe and our entry to the elite Champions League. Following on from this success, in the current season we won our qualifying round to progress to the Group Stages of the Champions League, in which we recorded a memorable win over Inter Milan, the current European Champions, on an unforgettable November night at White Hart Lane. Investment in the First Team squad has long been the first priority at the Club and we must now look to continue our consistently good performances with a stable squad.
In 2009/2010 we reached the quarter-finals of the Carling Cup, being knocked out by the eventual winners Manchester United and went one round further in The FA Cup, reaching the semi-finals before a disappointing loss in extra time to Portsmouth at Wembley.
During the financial year the following players joined the Club: Sebastien Bassong, Anton Blackwood, Peter Crouch, Eidur Gudjohnsen (loan), Younes Kaboul, Niko Kranjcar, Kyle Naughton, James Walker and Kyle Walker. The total cost of all of these players was £37.8m.
The following players have left during the financial year: Troy Archibald-Henville, Darren Bent, Yuri Berchiche, Kevin-Prince Boateng, Lee Butcher, Pascal Chimbonda, Sam Cox, Gilberto Da Silva Melo, Chris Gunter, Tomas Pekhart, James Walker, Didier Zokora, for total fees of £24.6m.
Since the year end we have boosted the squad further with the following signings: William Gallas, Stipe Pletikosa, Sandro, Rafael van der Vaart, for combined transfer fees of £19.9m.
The following players have left since the year end: Dorian Dervite and Adel Taarabt, for combined transfer fees of £0.9m.
The Club had a successful pre-season tour in the summer of 2009, when the First Team squad competed in and won the Barclays Asia Trophy and also participated in the Wembley Cup. In the summer of 2010 the First Team trained with our international partner club, San Jose Earthquakes and participated in the Red Bulls tournament in New York.
At youth level, three more academy players, David Button, Jake Livermore and Danny Rose made their debuts during the season, building on the four from the previous season. These First Team appearances are invaluable experiences at such young ages. Behind the scenes the endless development hours for the younger players come in the form of training and friendly game experience with the First Team, plus acquiring playing experience in the Football League. This is a result of the Club's strategy to withdraw from the Reserve League and allow players to accumulate senior appearances in the Football League. Last season 17 players under 21 years of age played an average of 22 games each, whilst still training regularly back at the Lodge and playing in midweek development games for Tottenham Hotspur. We feel this combination of technical development at home with added coal-face experience in the League is the best way of bridging the gap from youth football to the Premier League.
The feedback we receive about the level of professionalism and conduct of our young players on loan is particularly pleasing and they are a credit to our Club.
Additionally, 16 players competed in international football for their respective Under-16 to Under-21 sides, 13 of whom played for England.
We attended 28 tournaments as part of the continuing strategy of preparing young players to compete against the different football styles and cultures which make up the Premier League.
International development
We had a busy year with our three well established partnerships, namely Supersport United FC (South Africa), South China (Hong Kong) and San Jose Earthquakes (USA), and were delighted to agree a new partnership with FC Internacionale (Brazil).
All these partnerships have been developed to provide relationships that can facilitate the development of players and the exchange of coaching and academy methodologies. As a result we have seen players visit us from all four clubs and we have made several visits to our partners. We have also jointly participated in international tournaments with our partners.
The very visible, immediate gains of these partnerships have been the signings of Sandro from FC Internacionale and a pre-contract agreement with Khumalo Bongani to join us from Supersport in January 2011. At Academy level we continue to monitor players at all age groups and are excited about the future potential.
Fan development
This period included plans for programmes and incentives designed to promote access to our next, younger generation of fans. Launched at the start of the 2010/2011 season, these included free membership for under-11's, which doubled our junior membership, along with provisions for season ticket holders to bring their children to matches, free stadium tours for schools and increased family days and events. It is important that we recognise the need to make the Club and its fixtures accessible and to welcome new fans as we seek to grow the Club for the future.
Tottenham Hotspur Foundation
This was the year that saw us reach the key milestone of having delivered one million opportunities through the Club's Foundation, and we achieved this within two years. It is a remarkable achievement. All too often the work of football clubs in the community is seen as a photo opportunity or a brief player appearance - we have deliberately worked hard to remove this superficial and inaccurate description. Anyone who attended the Foundation's recent awards ceremony as part of our 'To Care is to Do' programme would have realised that the work achieves real results. This programme, which works with children in care, is just one of the many examples of programmes we run which work with individuals and which fundamentally address their issues and make it possible for them to achieve more in life. Hours are given to one-to-one contact and mentoring, and the results are inspiring.
We are proud of the fact that the Tottenham Hotspur Foundation continues to lead the way within Community Sport by developing a wide range of innovative and pioneering projects across London.
Within this period we developed and launched the Foundation's new educational degree course and became an institutional partner with Middlesex University. This is the first partnership of its kind and the learners will undertake an 'Applied Sport and Community Development' Foundation Degree focusing on sport and community.
The Foundation continues to deliver a number of estate-based projects across four London boroughs (Haringey, Enfield, Barnet and Waltham Forest) and in Harlow.
The Section 106 agreement with Enfield Council and Lee Valley Park Regional Authority relating to our new Training Centre at Bulls Cross was also launched. To date a range of projects have been delivered including healthy walks, writing skills courses, estates and health programmes and further initiatives will be delivered over the next 10 years.
Our international work continues and Foundation coaches have this year travelled to Sri Lanka, China, South Africa, Portugal, Singapore and Poland to help support work within disability sport and football development.
We shall continue to underwrite the work of the Foundation as this Club is fully aware of its responsibility to its communities.
Other charitable donations
In support of our international charity SOS Children's Villages, the Club participated in World Orphan Week. Every player sponsored an orphan from three countries around the world - Haiti, China and South Africa.
We specifically arranged sponsorship of children in the Club-funded orphan's house in Rustenburg, South Africa by our players likely to be selected for England. It was especially heart-warming that in the lead up to the World Cup 2010, Michael Dawson was able to visit the house and meet the young lad he was personally sponsoring.
We have also worked with and supported Help 4 Heroes and donated thousands of tickets to Tickets for Troops. We regularly send out flags and kit to our fans in the armed forces serving overseas. We auctioned the Poppy Appeal match shirts and generous supporters bidding helped us raise over £30,000 for that event alone.
We continue to support the Tottenham Tribute Trust (TTT) which looks after ex-players in need. A special range of legends shirts was marketed and sold with all profits to the TTT and we have planned activities for future fund-raising jointly with the committee.
During this period we became the first British club to become a Special Olympics Global Football Ambassador, alongside Inter Milan. We shall now work with Special Olympics in both the UK and around the world and the Foundation recently supported their work in Portugal.
Outside of the period and notably due to our location in Northumberland Park, the most deprived area of London, the Club and players, led by Benoit Assou-Ekotto, made a substantial donation to the Evening Standard's 'The Dispossessed Campaign'.
Environmental responsibility
The Club takes a responsible approach to the challenges of climate change. In addition to being a founding participant of 10:10, we have also embraced leading green technologies in the new Training Centre currently under construction.
Notably, the new building will include an inter-seasonal Aquifer Thermal Energy Store (ATES). This will reduce the carbon emissions footprint by a 30% improvement on the minimum standard required and this will be one of the first uses of this type of technology in the UK.
Management and staff
I would like to thank Harry Redknapp, the coaches and all the players for a wonderful season.
There is never a quiet period at a football club and I should like to thank all of our staff for their consistent hard work and determination to deliver the very best service to supporters.
At the end of the season, John Alexander, our Club Secretary, left us to join Manchester United after 10-years' service. We thank him and wish him well for the future. I am very pleased to welcome Darren Eales as his replacement, who joins us from West Bromwich Albion.
I should also like to once again thank Sir Keith Mills, our Non-Executive Director, for his invaluable guidance and support.
We are delighted to announce the appointment to the Club's management board of Charlie Wijeratna as Executive Director with commercial responsibilities, with effect from December 2010. Charlie joins us from the London Organising Committee for the Olympic Games where he was responsible for the delivery of significant commercial revenues. He brings with him a proven track record and will be a great addition to the management team.
Outlook
Our priority on the pitch remains the Premier League - this is the true measure of our progress and ability to compete at the highest level.
We are benefiting now from our investment to date in the First Team squad. Our challenge is to accrue further benefits from our investment in capital projects in order to lay the strongest foundations for the future stability and prosperity of the Club.
I would like to commend everyone at the Club for their continued hard work and thank our supporters for their magnificent support both home and away throughout the season.
Daniel Levy
Chairman
10 November 2010
Commenting, Daniel Levy, Chairman, said:
"This period has seen the Club produce a record turnover and a 23% increase in operating profit.
"We are benefiting now from our investment to date in the First Team squad. Our challenge is to accrue further benefits from our investment in capital projects in order to lay the strongest foundations for the future stability and prosperity of the Club.
"I would like to commend everyone at the Club for their continued hard work and thank our supporters for their magnificent support both home and away throughout the season."
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