£7.1m loss for Spurs

Sergei Rebrov: an £11m flop

The true scale of the financial problems at Tottenham was revealed today when the club announced losses of £7.1m and a 50 per cent increase in their debt.

The club blamed the figures on disastrous forays into the transfer market which saw them write off the value of expensive flops such as £11million Sergei Rebrov and £5m Ben Thatcher.

Chairman Daniel Levy also described the team's performances under Glenn Hoddle last season as "well below the level we hoped for" and warned about future levels of spending in the transfer market.

Spurs's financial results for the year ending 30 June 2003 do not make good reading for fans. They revealed:

  • a pre-tax loss of £7.1m compared to a £900,000 profit the previous year
  • a write off of £18.7m, mainly for players who have left the club for far less than Spurs paid for them
  • an £11.1m loss on player trading
  • a rise in their debts of £3.6m from £7m to £10.6m

Levy admitted that Spurs's disappointing season last year has forced a major overhaul in the playing and management staff which has hit the finances.

Rebrov and Thatcher were offloaded at a huge loss on their original transfer fees, while Tim Sherwood, Les Ferdinand, Steffen Freund, Teddy Sheringham and Stephen Clemence were also shown the door for little or no money.

Levy said: "Last season the team's performances were well below the level we hoped for and this has also resulted in a challenging close season."

Hoddle spent £12m over the summer in a bid to improve things, but he was sacked after a poor start this term. David Pleat has taken over until a new manager can be found, but Levy today warned the same levels of spending may not be available.

He said: "These additions to the squad were essential to sustain a competitive team in the Premiership.

"Notwithstanding our ambitions to succeed, the spending pattern this summer is not one that is sustainable over the longer term."

Today's figures were announced against a backdrop of boardroom turmoil at White Hart Lane with directors split over the future financing of the club.

Finance director Paul Viner quit last week amid rumours of a fall-out with Levy and other top-level casualties could follow.

The dispute is understood to centre on Spurs's attempt to organise a new funding package which will see £15m ploughed into the club from existing shareholders.

Critics claim it could be used as a mechanism for Spurs' larger shareholders to increase their stake in the club at the expense of smaller shareholders and it has split the board.

Spurs today appointed Matthew Collecott, 35, a director of the north London club's major shareholders Enic, to replace Viner.

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