Naming rights, possibly worth £150 million will be a crucial part of the
funding package.

Tottenham need to raise £300-£350m to build the new stadium at Northumberland
Park, much of which will come from borrowing.

Chairman Daniel Levy said this would be easier if they were privately owned.

“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,” he said.

“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.”

The club’s majority owners ENIC will now propose at the AGM on December 13
that the club be de-listed. ENIC owen 82 per cent of the shares with the
remainder owned by 30,000 small shareholders who will be able to sell their
shares at no cost if they wish.

In a statement accompanying the announcement the club revealed the
following financial highlights:

• Revenues at record level of £163.5m (2010: £119.8m) largely as a result of
  the Club’s participation in the Uefa Champions League, reaching the
  knock-out quarter-final stages:
• FAPL gate receipts increased marginally to £20.4m (2010: £20.1m) on capacity
  home attendances
• Uefa Champions League gate receipts and prize money was £37.1m (2010: £nil)
• Media and broadcasting revenues increased 5 per cent to £54.0m (2010: £51.5m)
• Sponsorship and corporate hospitality income increased by 24 per cent to
  £31.8m (2010: £25.8m) with Autonomy as new FAPL shirt sponsor and
  Investec as new shirt sponsor for Cup competitions
• Merchandising income rose by 23% to £9.6m (2010: £7.8m) aided by the UEFA
  Champions League campaign and a strong product mix
• Operating expenses increased 35 per cent to £131.2m (2010: £97.1m), due in
  the main to the costs associated with a large squad size playing in
  both domestic and European competitions and a total of 53 games played
  (2010: 50)
• Operating profit before football trading and amortisation, which is one of the
  key performance indicators of how the Club is performing as a
  cash-generating business, increased by 42 per cent to £32.3m (2010:
  £22.7m).
• Significant investments over the past 12 months in the Northumberland
  Development Project and the new Training Centre have increased the
  carrying value of property, plant and equipment from £123.6m to
  £150.3m.