Spurs boost as they cut losses

Tottenham today revealed they have cut losses by more than 50 per cent despite a massive spending spree on new players.

With the club enjoying a turnaround in fortunes on the pitch following the appointment of coach Jacques Santini and sporting director Frank Arnesen, the club have also improved the financial picture off it.

Despite a miserable 2003-4 season, Spurs lost only £2.7million which compares well with £6.4m the previous year. Their turnover was unchanged at £66m. This reduced loss is a considerable achievement given the turmoil the club have been through over the last 12 months.

Managers Glenn Hoddle and David Pleat were both sacked as the team flirted with relegation and slumped to a 14th-place finish.

Fans also became frustrated as the club became a laughing stock due to the nine months directors waited to appoint a long-term successor to Hoddle.

Such disillusionment was reflected in a nine per cent fall in season ticket sales, a two per cent drop in attendances and a £1.4m fall in merchandising income, but overall the club still came out ahead of 2002-03. But Santini's appointment last summer was part of a huge staff overhaul which chairman Daniel Levy instigated to stop the rot.

It appears to have had the desired effect so far, with Spurs lying fifth in the Premiership.

Twenty-one new players have arrived over the past year costing a total of £37.5m. At the same time, 17 players have left.

With the new personnel starting to prove their worth, Levy says the club is in a good position.

He said: "The 2003-04 season did not see the club move in the desired direction on the pitch and it was clear that this could not remain unchecked.

"Our aim has been to rebuild the infrastructure of the club's system of football management.

"Following a process of change we now have in place a structure which we hope will bring a steady return to a winning performance for Spurs."