Tottenham to de-list from stock exchange to fund new stadium

Nov 16, 2011, 10:14 GMT

London - Premier League club Tottenham Hotspur are to take their shares off the London stock exchange in a bid to boost its plans to build a new stadium.

Chairman Daniel Levy said going private would make it easier to raise funds because being listed on the AIM exchange 'restricts our ability to secure funding for its future development'.

Levy was speaking as Tottenham released their 2010 financial figures, which showed record revenue of 119.8 million pounds (about 140 million euros), up from 113 million in 2009.

The club said the rise in revenue was down to increased gate receipts and merchandising revenues at White Hart Lane.

'It is clear to us that increasing the capacity of the club's stadium is a key factor in the continued development and success of the club and will involve the company in considerable additional capital expenditure,' Levy said in a statement to the stock exchange.

'Given this requirement, we believe that the AIM listing restricts our ability to secure funding for its future development.

'We are ambitious for the club and have always taken the steps that we believe to be in its best interests.

'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.'

Tottenham had planned to move into the Olympic Stadium after next summer's Games but their bid failed because they did not want to keep the athletics track.

The club are now in discussions with local and national government to build a new 66,000-seater stadium on the ground adjacent to their existing White Hart Lane stadium.

Read more about Tottenham