LONDON: Tottenham chairman Daniel Levy on Monday blamed poor performances on the pitch for the English Premier League strugglers annual pre-tax losses of £7.1mil.
The club, who earned a £900,000 pre-tax profit in 2002, reported the results to the Stock Exchange on Monday.
Last season the teams performances were well below the level we hoped for, said Levy. This has also resulted in a challenging close season for our business managers and employees.
Spurs sacked manager Glenn Hoddle after a poor start to the season but results have improved under caretaker-manager David Pleat, and Levy said that further improvement was needed to help get the club back in profit.
Trading will be influenced by the performance and success of the team over the remainder of the current season, he added.
We have invested heavily in the team once again this year and continue to pursue our long-term projects.
The loss did not take into account the purchases of Helder Postiga, Bobby Zamora and Frederic Kanoute which totalled £11.75mil, but Levy said that the spending spree was over.
The spending pattern this summer is not one that is sustainable over the longer term, said Levy.
The income from player sales was negligible compared to our overall spend on player purchases.
He also hinted that the losses could mean a move away from White Hart Lane would be considered.
There are immense difficulties to overcome in an area that has been deprived of inward investment for so long, added Levy. We therefore remain open-minded to any feasible alternatives to our current stadium site. AFP