4.3m loss, but we still need to think big (ish).

That's a bit depressing. Certainly don't see us spending £20m on a striker now.

Those financial figures dont't include the modric and vdv sales because they were old after june 2012

Don't expect big named players or older players wanting a final big pay packet expect more of what we have. Young versatile players that AB can bring the best out of and with a bit of luck we may win a trophy or get CL. It's a difficult time financially and I don't want us paying huge amounts of money for a player taking a chance too risky.

We do need to trim the squad asap so as we all know the likes of JJ, Gomes, Bentley need to be off the payroll asap. Still make huge loses over them and I expect Ade to go and a younger fresher more committed striker to be brought in in Summer one that will cost less. My question would be if we could make one purchase what position would that be? Striker or Creative Midfielder or Winger?

this site is dsgusting lately advertising keeps freezing my computer and missing words out!!!

Good point Big Ron and spurticus87 - so effectively financial year 2012/13 we needed to make up a deficit of 4.3m but we still don't know what the situation is because this financial year will not be revealed until six months after the end again next January. We don't know how we have done in bringing other income in whether there has been a drop due to the recession plus I am sure Ade wages has crippled us and his signing on fee. Also increase for Bale wages. I expect Lloris to be on a good whack. This article shows us we have no idea of the real figures until they are published so we have to trust Levy and the board when spending money. I for one wouldn't want the responsibility, there is a fine line between success and bankruptcy.

Let's not get excited about Modders and VDV being sold after June.... We also bought Siggy, Verts, Ade, Dembele, Lloris and Dempsey after June as well.... That's 56m although generated 63m in player sales after that date.... so there is a small plus.....

What is the news on the stadium where is it to be and when does work start. This is something I haven't managed to follow as I am ill and only have a certain amount of cognition available so that goes on watching the games and sharing my thoughts on this site. In summary what is the news on the stadium please.

I have passed a few comments on to the main men, but certainly having cookies set to block some or all of ads etc will potentially cause problems. Sadly it is becoming more common as advertisers demand more bang for their bucks and costs for an independent site continue to increase as they are for all of us.

Some things that we must consider when looing at these figures, wage ceiling has increased we are now paying some players £100k a week. untill this summer and still now have had lots of players who werent being utilised and on decent wages. Biggest point thouh last seasons cup runs were an embarressment to our club if we had got further into the europa league we would not be looking at a loss.

Yep'...keep trimming the squad and keep searching for that young, hungry,6ft+,strong, two footed striker.

Mr Levy has a plan... and his emphasis according to his statement was to build the new stadium to the same high standards as the new training ground.

Lets not forget that the man has a first class honours degree from Cambridge University in "Land Economy".

So i am guessing we should have some trust in him when it comes to the infrastructure of the new stadium plans and what it could potentially bring to the club and its future..

Yidmarks- Levy's plan is to sell up stadium included and make a fortune for Levy...his focus is on real estate, not football...why oh why would you trust him???

shedboy2.. Levy is a businessman first, and a spurs supporter second.

When u reach the financial heights that he and Lewis have, you would want to make your beloved Spurs even better...

It is like a big train set for them.... they can play until its time to cash in... As maybe you would...

yidmarks...it's big train set to Roman Abramovic....as you point out Levy is a businessman first, he makes his money through ENIC he will only make the parts of Spurs better that will maximise his returns so whilst it would be nice to have better players if it's a choice between that and and him making money he'll choose the later....

I think Mr.Levy will be with spurs for another 10 years minimum

fair enough JVD but then they shouldn't distinguish the loss as a reduction in turnover...if the running costs, which you refer to, have increased then the loss is as a result of increased operational costs not a reduction in turnover .......reduction in revenue is not the same as an increase in overheads! which brings me back to the point...where was the downturn in revenue...we can all see the increase in costs but where was our income reduced....if they had posted a trading loss due to exceptional items or an increase in costs I wouldnt be sticking a big fat question mark behind their statement!

Spurs fanITK say Negredo is in as new Striker

ox its upsetting when you log into the site on your phone and you are diverted to a porn site? Surely there are young fans out there that dont need to targeted with such things. I have been meaning to bring this topic up and as much as I respect that the Vital site needs to make money,but I get very annoyed with the above.

sydqcb5 - what the F id spursfan ITK? Another forum or summat? Dnt get me all excited for nothing : )

Ox - something has to give eventually. You quite rightly point out in your article that we need to be financially sound and a well run club. We are. But, if we want to compete at the top and win trophies (which we are close to doing with a LITTLE bit of investment now) then ENIC and/or Lewis and/or Levy need to put their hand in their pockets now. I'm not saying they have to plough in hundreds of millions for players but some personal investment by football club owners is the nature of successful football club ownership. The way it is currently is that our owners want the club to be self-funding in every aspect, whether that be player transfers or paying for the stadium. That is why our past 6 transfer windows or so have been more or less nil nett spend windows. Also it is why the progress of the new stadium is so, so painfuly slow. There are ways of making stadium developments move ahead quickly (just ask Arsenal) but it needs a little bit of personal investment today for longer-term gain tomorrow. ENIC can't have it all ways. They can't realistically expect the club to self-fund the development of the new stadium as well as player transfers and then complain that we don't regularly compete in the CL. To regularly be in the CL we need bigger gate receipts and a few better players. ENIC say if we get into the CL the club can then afford to do both of these things. We say if ENIC don't help by investing a LITTLE now then we won't get into the CL in the first place. Once again we remain in this pathetic and futile chicken and egg Mexican stand off situation. ENIC / Levy / Lewis all know that football clubs need funding if they are going to be successful. If you want the club to self-fund everything then things will happen very, very slowly (as demonstrated by our non-existent new stadium). Whilst other clubs look at growing revenue from their new higher capacity stadiums and regular CL participation we look with glee at our steady balance sheet. That is what being a football club owner is ablity. Speculate to accumulate. You make the mistake in your article of using both the word football club and business as if they are the same thing. They are not. They are very different things. In fact I would go as far as to say that to be a successful football club is very different to being successful as a business. If business takes over then where does it stop? Would we soon be asked to accept that there is no point in accepting all the costs involved for us to play an away game in, for instance, Madrid against Real Madrid because the chance of us coming away with points is very unlikely and therefore cost benefit analysis would suggest we're better off not playing the match and just forfeiting it? At least that way we don't waste money travelling and staying in hotels to come home without anything of worth to the business.

spurticus87 - "this site is dsgusting lately advertising keeps freezing my computer and missing words out!!!"....

Couldn't agree more & spent pretty much all of yesterday moaning about it. This little post alone as taken me almost 5 minutes to actually type to completion!!!

OyVeh Maria - First of all you have to build the stadium,then you have to pay back the loans to build it. Only then does it generate extra revenues. You seem to be thinking it will be done in a couple of years, try 10-20.

SpuriousLife - Arsenal have never been subsidised by the owners as you advocate, they paid for their stadium from revenue, not really sure why you're referrring to them. Where exactly are all these "new higher capacity stadiums" you refer to ? Liverpool have just about given up on a new stadium, so have Everton, apart from the Emirates I can's think of one. You really need to support City or Chelsea, they are the only clubs run the way you want.

when coops first complained about the site I thought the main issue was with fellow posters but I have to agree all the intrusive advertising does make for a poor user experience. I understand the need to advertise to make money but it's the way in which you advertise that will be the difference between making money and killing the goose...if you drive users away the advertisers with their invasive videos etc will also disappear...be selective OX and look to improve the experience that way you'll get more vistitors and higher paying advertisers.

You know what annoys me more than anything about this site......the fact that whenever someone has a bit too much ambition or sets the bar too high they get told to pi$$ off and support Chelsea or city. Healthy debate is one thing, just been abusive and an out and out cock to other users isn’t. Like Lordjohnny said to a common culprit yesterday, play the ball not the player

Its going to be interesting to see how Chelsea and city finances shape up now that they are out of the CL and assuming neither of them win the League! How are they possibly going to meet the financial fair play rules that come into force? I think Levy has done a great Job by bringing that issue up when releasing the year end figures as well.

These accounts don't mean anything. I don't believe we are running at a loss but will have to see our full financials. The only interesting thing is the cost of the new training ground, I would assume most of it was put on a mortgage but if it has been paid off that would be really good. I don't expect any big signings but then I haven't all year. Hooper would actually be an improvement on last years striking acquisition..............Saha.......

An accounting loss of £4.5 million is nothing and just serves to save corporation tax. Makes no difference to our transfer plans, you don't play for players in one lump sum, you pay in installments.

In terms of our central midfield (including Holtby), we have Sandro, Parker, Thudd and Livermore as defensive options and Dembele, Holtby and Carroll as more creative options. Add Sig and Clint as attacking mids... Is that a good balance or do we have at least one too many defensive mids? What does a squad of 25 need in terms of midfield back up?

Didn't they sell Modric and VDV after June? I like the timing of the announcement - It may stop sellers asking 50% more than a player is worth because Spurs are interested. Like when Fergie massively over priced Fryers, then gave him away later (LOL).

Not'....i think the training ground buy and move......was to coincide with cashing in, the old training ground (chingford) and the location to the olympics...etc.

..... the olympic park site.

Shows how important it is to qualify for the CL, which we failed to do last season because a) we finished 4th, but jammy Chelsea went and won it, and qualified again, and b) we took the pi$$ by signing Nelson and Saha in January, rather than strengthening when in 3rd and pushing on. We must ensure that we finish at least 4th this season, by ensuring that we remain stronger than Arsenal, Everton, Liverpool etc. even if that means spending a few quid. Speculate to accumulate. I still feel we do not push our merchandising potential to it's limit, compared to some of our rivals. This, and failure to unearth any of the the gems, before they become multi-million pound stars that we can't afford, are major factors in our financial position.

No Wilts Spurs it affects us all! In fact I've never been so affected! Bold Wilts Spurs, yellow card offence at least and you'll be lucky to escape a red card from Ox!

Somebody has stated that Defoe is NOT injured... Seems he DID have the scan, though the real reasons for it are still unknown. I'll obviously tell you more as I find it!

I am sorry, but I'm afraid I don't necessarily fully believe the figures, accountants have considerable expertise at hiding money from HMRC to reduce corporation tax payments, and in Messrs Lewis, and Levy, we have two men of no doubt considerable experience in such matters, ably advised of course by that other past master Michael Ashcroft.

Belhanda off to Inter milan as Montpelier accept £11.8 million bid.

omitted words were, "know" and "the". Yep, this site is definitely stealing vowels and constonants

Wilts Spurs- we can't compete with QPR let alone Inter, we're skint..;) that said Negredo or Soldado please...both on our level, should be affordable and negredo has said he wants to come....

peter mate...you ain't a businesman, that's for sure...;)

peter you seem more up on FFPR but isn't this the last chance to spend big before they come in? if so PSG/Citeh/Chelski don't have to worry hence they are spending big now....??

shedboy, I am pretty certan that the figures still count. Removal from Europe comes in next year (if I recall). Malaga, Sporting Lisbon, Atletico Madrid are already under sanction. Prize monies are being withld for non-payment to players, tax autorities etc. Clubs can run a loss in a year, but there are limits and it needs to be balanced out over 3 years. Even if none of the past financials affect these clubs, PSG, Chelsea City have huge wage bills which is where they will all run afoul. Other teams can't afford the wages and there is only so much money out there. PSG, if they win the CL, will not make as much as United did in losing 2 years ago because they don't get the same TV money because their association does not have a big share of the TV loot. COYS

hudderspur, agreed. I think part of the issue is that most of the players we really want, are players that are looking a lttle higher up in the tables and in wages. They accept us when ours is the best offer remaining, which unfortunately happens at the last second. It sucs, but I accept that until we become a worldwide merchandising machine we cannot compete with those that are. CL would be a huge next step. The Europa exposure has been greeat. Winning it and then being in the CL next season would see huge dividends. Most important though is the table position we need CL. We need the stadium going forward but yesterday's statement seemed to indicate there are still hurdles and 2018 looks, unfortunately, realistic. Get CL, sign Son, go to Hong King with hopefully a trophy in hand and maybe, just maybe we can push the merchandising forward a little quicker. It will take success though. COYS

Losses or no losses, it is simply bad management to get to a situation where we are so depleted in terms of strikers. A shame really because AVB can take this club a long way with some sensible support from ENIC.

Harrys gone, get over it.

Rev/Exp last few years on transfers:(09-10) Transfer revenue: 18.216.000 £ - Transfer expenditures: 35.464.000 £ = -17.248.000

(2010-2011) Transfer revenue: 1.526.800 £ - Transfer expenditures: 22.968.000 £ = -21.441.200 £


(2011-2012)Transfer revenue: 34.408.000 £ - Transfer expenditures: 7.436.000 £ = +26.972.000 £


2012-Present Transfer revenue: 59.294.400 £ - Transfer expenditures: 62.920.000 £ = -3.625.600 £

Here"s the kicker 08-09 Transfer revenue: 44.044.000 £ - Transfer expenditures: 125.400.000 £ = -81.356.000 £

ledgespur Wages , Wages ,Wages .Stockpiling will catch up with you

ledge, and one year further back is, if memory serves, was a 46M deficit. I still maintain, our new reality is more difficult because the wages have gone up. We need revenues in to keep up with the pace of what these better quality players make on a week to week basis.

An article from April 2011 (presumably based on the previous year's numbers, had Spurs as the 110th highest average salary in sport. 21 other football clubs, including West Ham, Pompey, Newcastle, Villa all had higher wage bills, along with the usual suspects Liverpool, Arsenal, ManU, Chelsea. City was still yet to start their ridiculous spending. Other than the big4 only Newcastle could be said to have relative health. In this article, our average salary was 45k US$ per week (assuming 25 players that would amount to 58,500,000 US$ or 40M GBP (approx). By 2010/11 our wage bill was 91M GBP. The wages are the difficult side to balance and when the wages are not in keeping with the real player value, you cannot move that player. That either results in a loss or in paying other players less money. COYS

regardless of all if it, the maths, politics, & BS, we desperately need a striker that is an upgrade on JD and my head is so far up my own ar$e I can no longer hear myself think Adebayor - the fact that this is it, this the the cutting edge, this is the front line, the attacking force, the goal getters, the game winners is nothing short of diabolical. i don't care if we blame the cheeky cockney that can't keep his mouth shut, daniel I left my wallet in my other jacket levy or any one else.. the facts are the facts

@dannylane, why do you have to insult the posters on here? What gives you the right? "Glad that some of the posters on here don't run or rather ruin our club." We're supporters voicing our thoughts and opinions, we're not applying for the job of chairperson. Are we allowed to do that? Is that alright with you? Or should we all just tow the company line and join in the company song, Levy the Magnificent.

Ox, in think the club is run exceptionally well and take pride as a supporter in the way our success has been achieved and not bought! But I also think they have cooked the books, we only spent 5 million on Parker last summer and January yet we recouped 22 million for palacios and crouch as well as receiving decent sums for Hutton, kranjcar and pav. Roughly that is a min 25 million profit just on sales. Where do you think the money has gone?

@spurticus, I agree, but i don't think they've cooked the books to pocket a few bob, they've invested / spent but not in the squad. they've invested in real estate. this is where they'll find their profit. we all agree the club is well run. however, if there could just be a slight slant to football and not Bahama Joe's savings account without the spin doctoring that has us all beleive it's all about football, that'd be just dandy

going for dinner... when I return I hope we'll have positive news about our striker needs but I somehow doubt that! Cheers all.

CapeTownSpurs, I don't think so, but then I can only go by what the club has stated. Football related revenue would be reinvested in the club. Training Facility and Stadium Construction are separate. Some would say naming rights money should be reinvested in the team. I would say it should help with the debt of the stadium. I would say any other sponsorship deals are team related revenues and should be reinvested. Regardless, I do want to see a balanced book, year over year. It's what guaantees that we don't gamble away all that has been built. COYS

also I note everyone is honing in on the loss but ignoring the headline: The Club can announce a profit from operations of £23m (2011: £38m) for the year ended 30 June 2012. Looking across the past five years this measure of cash generated from operations has averaged over £29m per annum....which is positive.

shedboy, several have suggested that the books are being cooked. Others that ENIC will be stripping the assets etc. It's all ridiculous. ENIC, when they sell get far more for a 56k seat stadium, maximized in CL and PL revenues than they will for a mid-table team in a half filled stadium. It is in both Lewis and Levy's best interests to keep increasing the value of the brand. CL, stadium, worldwide exposure. These are all necessary in that plan. If they wanted to cut and run the time was the year we had qualified for CL. They'd already trebled their investment in the club. I don't agree with all that they do, but I appreciate the global job they have done. COYS

shedboy, no, the wages are under control. Unfortunately, the side effect of that is that players who are linked (like Aguero 18 months ago) and others are pie in the sky. They don't fit. There are lots of guys we can afford and yes, something should have been done about the striker years ago. It MUST be someone the coach wants. Same when Redknapp was here and that's where the issue is. Harry wanted Forlan. Forlan was going to cost way too much on the wage scale. Couldn't be done within our self-imposed parameters. I don't know who AVB wants beyond Leandro, who fits within the wage structure but whose value seems to be so inflated that the other interested, better financed clubs, like AC, Inter, Barca, RM, Chelsea, haven't made the move either. At this level it is tough. Very few players give you what you need. Most aren't available or don't fit within our structure, a few do. Let's hope that we resolve replacing at least one of Berba and Keane, finally. COYS

Peter _ I agree that it would be in their best interest to have a CL team but if there's a conflict between player aquisition and paying contractors...it'll be the contractors every time...in fact I don't know why so many people are speculating on our tax/profit situation when as Spurticas mentions it can be dressed up according to plan. The real srory for me was- 'our focus continues to be the delivery of an increased capacity stadium'

..........results are £34m down on last year's figures, but chairman Daniel Levy is not too concerned either.He said: "We are ever ambitious for the club, driving all areas of the business. "Our focus continues to be the delivery of an increased capacity. There is much work to be done refining the detailed design and resolving the final development issues. "We intend to deliver this to the same high standards of the new training centre and to reward our incredibly loyal supporters with a world class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London." Meanwhile, the club sit fourth in the Premier League with Champions League football again firmly in their sights. Spurs suffered financially when they missed this season's Champions League after Chelsea lifted the trophy in May. With Real Madrid reported to be interested in Gareth Bale at £50 million and beyond, Spurs look to have sufficient player assets to keep the bank manager happy....there you go Tott 10 our future is in safe hands!

Falque goes out on loan so i hope that`s to make space for an attacking winger or striker .Both is best because i woudn`t write off Liverpool or Arsenal for 4th

Feck off ENIC.

Trust Frank to come on here and make up some complete B.S. because he will never be happy until we are spending like Chelsea. Frank, you think ENIC lie about everything. You think they are lying about the stadium and now the profit/loss figures like they are our enemy, holding the club back. It's pathetic. Lets get a Randy Learner in instead shall we.

I'd genuinely couldn't remember why you irritated me so much but now its all come flooding back, having said that you will pick up on my inferior grammar correct it and make me smile

LJ, I know this will not be comforting to you, but there is clearly a plan. Too slow for many on here. I too want it yesterday, but as I stated the other day, we only got the provisional planning permission a year ago and it was only 14 months ago that Heritage, London and Haringey all finally became partners, rather than parasites in the endeavour. Levy had to threaten them with picking up and moving to get it done. No, that was not the original plan, but then we wanted a 62-65k seat stadium and are having to settle for 56k. Not because we can't fill it or afford the morter, but because that's all they will allow. There has been a whole lot of wrangling over the years. Yes, we could have accepted that we should just accept a smaller stadium, paid for the transit, security ourselves and allowed Heritage to keep all their buildings, but we didn't go that route. Instead we have partners going forwar, sharing the benefits and some of the costs, as is only fair. Last I checked, the improvements will benefit the area on non-game days as well. Levy protected the interests of the club. It may have taken a few extra years, but then there is very little rush because the banks, these days, aren't that keen to just hand out debt that may not be repaid.

Yes, Arsenal got theirs done earlier. They had CL and more revenue and thus could afford more debt. We couldn't. Even Liverpool can't seem to get the shovels in the ground that they so desperately need. It's not just Spurs. It's happening all over the globe. COYS

LordJohnny - good points again and a good reply from Peterballb who, despite having different views regarding ENIC to mine, is always measured, eloquent and polite. Thank you both for being two of the best posters on this site. Peterballb you highlighted the importance of CL football in enabling Arsenal to get their stadium built quickly whilst Liverpool and we haven't even started digging a hole in the ground yet. Seeing as we can all see the financial benefits regular CL football brings it makes it all the more gauling that ENIC seem reticent to spend a little bit now to ensure our regular CL participation. It is this that frustrates so many of us. Regular CL football is the best way for us to boost revenues. ENIC know it too but are too risk averse to take this little punt now o ensure we get it. And before anyone starts jumping up and down we're only talking about £15m-£20m which in the scheme of PL football is not a big financial risk.

Peterb-Sorry I have to take issue with you. Compulsory purchase orders on the properties outstanding could have been sorted years ago, with an acquiescent local authority. That is just a smokescreen for ENIC looking elsewhere. As for parasites, that is simply wrong. ENIC, and its PR people were quite happy to perpetuate the myth that Haringay was stiffing them on S106 when in fact, the S106 requirements were barely 3% of overall costs at around £15 million. Compare that with A**e, who had to pay £60 million to resite a waste recycling plant alone, never mind infrastructure costs. Also Boris has now chipped in, and Haringay is willing to amend S106 costs. If anything, it is ENIC that has behaved appallingly, alienating everyone involved. They could have had cheap credit, but now find things more difficult. That is their fault entirely. They could and should have rebuilt WHL years ago, and now it would have been paid for, irrespective of Champions League football. Despite that lot down the road getting CL football, their stadium was not dependent on it. Prudent financing, and getting on with the job gets results. After all, they moved. We're not. Entirely ENIC to blame.

I'm just happy given the current financial climate that we are making strides towards the new stadium and are now a regular top of the table fixture. We have had and still have some exceptina players and we appear to be moving forward on all fronts, I'm not saying Enic has been perfect but look around we are self sustaining making great progress, Everton have stood still Liverpool have gone backwards, arsenal are getting progressively worse with each season where as we are going from strength to strength. How do you appreciate success if you haven't worked hard for it?

Sorry Spurt, I must have missed all this success?

lordjohnny, there is a world of difference in a 243M entity with stagnant revenues funding a 400M venture and a 564M entity with growing revenues funding the same. I have no doubt that Spurs could have gotten the planning done earlier, but not our way and certainly not without a huge impact on the onfield product. As it stands, the fourth stand can't be added until current WHL is razed so the actual completion date is when we will be able to finally have our full capacity. First mock-ups on the current site had 62k seats and was an entirely seperare building requiring no considerations to current WHL uses. The project has changed quite a bit. Compromise. It is also odd that Haringey were against this when they were in the papers every month stating that public works, transit, security had to be looked after by the club. Sure, they were on board with us going it alone, with their restrictions. It was only with thecOS nonsense that they finally came to an obvious conclusion. Levy didn't look at that because he was feeling all warm and fuzzy inside. We accepted less condos and capacity in the end. For no other reason that we now had a quid pro quo relationship. Everyone benefits and we are now way better positioned to handle the debt. 2018 then it is. COYS

peterballb bang on the money for me. Sure we're all getting frustrated regarding the new stadium, but it is happening now. No Olympic sideshows & all the right players are now on board. Just as long as the playing squad isnt overly neglected in the next 7/8 years and we stay a top 4 - 8 team then we will be in a mega position. Thats why imo AVB was the right choice, a long term vision rather than (albeit a successful one) a short term one under Redknapp

peterballb tells us he appreciates the global job the (ENIC) have done." Global job? Are THFC a more famous club than back when the club last won a 'real' Cup the FA Cup, back in 1991 before Sugar and his personally chosen apprentice Daniel Levy arrived? And what have the club won in Europe during the entire Sugar and Levy era's? And on the merchandising front Levy has failed miserably to make THFC a global merchandising brand. Why? Because Levy has repeatedly turned down the approaches of both Nike and Adidas, because when you sign to them, they take full control of the marketing, release dates, and distribution of their product. Levy does not like this because he just loves (just like with his player signings) to wait deep into the summer, to release the Spurs kit exclusively first, in his tacky little Spurs shops and pathetic online site, missing the wonderful 'free' opportunity of having kids 'worldwide' advertise the Spurs kit and the Tottenham brand in playgrounds and parks around the world through out the entire summer. Try finding a shop anywhere in Asia, Africa, India, North America, South America and most of Europe where you can buy a Spurs shirt. Nearly impossible! In contrast you see Chelsea, Arsenal, Man Utd, Liverpool etc etc etc on sale all around the world... I work in Germany a lot and have never seen a Spurs shirt on sale in any sports shop anywhere, yet you find Chelsea, Arsenal, Man Utd, Stoke City, Swansea City etc etc shirts everywhere in Nike and Adidas outlets. The owners of those clubs understand that if you go with Nike or Adidas you get immediate world wide exposure in Nike and Adidas stores world wide, but Danny boy, truly believes he knows more about kit merchandising than Nike and Adidas! The whole Under Armour deal was perfect for Levy, because they agreed to his pathetic release date plans, and it got the Enic Corporation a guaranteed 50 million, (none of which has been reinvested in the team) whether or not the club sale a single shirt, which is why Levy and Lewis don't give a monkeys whether or not a single Spurs shirt can be bought anywhere outside the UK, which proves 100% that ENIC have little of no interest in making THFC a global brand!

HuddersfieldYiddo writes, "Sure we're all getting frustrated regarding the new stadium, but it is happening now." Happening now? Happening when? Can you please let your fellow Spurs fans know when building work on the new stadium will begin? Which year? And can you please let us all know when the new stadium will open to the public. Which year? Thanks...

If that's what it cost us to not be in the CL. Then that is the motivation to ensure we are back in it and so the motivation to get the players we need to consolidate our precarious position. I wonder if we would be looking over our shoulders if they'd bought Moutinho and Willian in the summer - I think we'd be chasing down Man City. Just a thought.

peter, you should probably quit with the easy explanations of how banks won't loan money to a company for a project that 'was' more expensive than the actual company worth in the past, it's obvious that most on here have all built their own half-billion pound projects in their back-yard, and as such would have had it built and functional within a week.