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Tottenham announces loss of millions

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Seeing as Canada has a young goalie at this team, I thought I'd post this.



LONDON (AP) - Premier League club Tottenham Hotspur announced a 7.1 million-pound ($15.7 million Cdn) pre-tax loss in the year ending June 30, it told the London Stock Market on Monday,

Tottenham declared a 900,000-pound ($2 million Cdn) pre-tax profit in 2002. The figure doesn't take into account transfers over the summer of Helder Postiga, Bobby Zamora and Frederic Kanoute for 11.75 million pounds ($26 million Cdn).

Spurs chairman Daniel Levy said more poor results could hurt team finances.

"Last season the team's performances were well below the level we hoped for and this has also resulted in a challenging close season for our business managers and indeed all our employees," Levy said.

"We have invested heavily in the team once again this year and continue to pursue our long-term capital projects, albeit progress has been at a slower pace than we had originally planned. Inevitably, trading will be influenced by the performance and success of the team over the remainder of the current season."

Tottenham finished 10th last season.

This season is started poorly and fired manager Glenn Hoddle.

He was replaced by David Pleat, but he is unlikely to be given money to buy new players when the transfer period opens in January.

Hoddle's sacking was one of the "most difficult" decisions the board dealt with, Levy said.

"While it is not ideal having to change manager during the season, we are extremely fortunate to have someone of David Pleat's ability to step in and seamlessly take over as caretaker-manager," Levy said.

Levy said the club wouldn't be rushed into naming a successor.

He also said the board was looking at alternatives to playing at White Hart Lane in north London where it has been since 1899.

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