COVID bleed Tottenham Hotspur balance sheet

Image: MJR Group Ltd./Coliseum

The Premier League team Tottenham Hotspur (UK) has published its financial results for the year ended June 30^th, 2021.
 

Chairman’s statement

The ‘Tottenham Hotspur’ quoted the Chairman, Daniel Levy, as stating that the “Financial results published reflect the challenging period of the pandemic and the incredibly damaging timing of COVID-19 coinciding, as it did, with the opening of our stadium – Tottenham Hotspur Stadium – in April 2019. With no less than three lockdowns the club’s operations were severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives.”

Tottenham Hotspur Football Club, commonly referred to as Tottenham or Spurs, is an English professional football club based in Tottenham, London (UK), which competes in the Premier League, the top flight of English football.

The Tottenham Hotspur Stadium is the home of Premier League club Tottenham Hotspur in North London, replacing the club’s previous stadium, White Hart Lane. With a seating capacity of 62,850, it is the third-largest football stadium in England and the largest club stadium in London.

The ‘Tottenham Hotspur’ further stated that the Chairman’s statement read, “Many of our staff continued to work through all the lockdowns to keep the stadium open for local food distribution, National Health Service (NHS) vaccination and ante-natal clinics, along with certain key club operations. We are extremely grateful to them.”

“We report our results at a time when we are delighted our fans can return to the stadium to cheer on the players. I want to give special thanks for their continued support throughout this extremely difficult period.”

“We look forward to the Government’s fan-led review and to delivering enhanced supporter engagement and consultation.”

“I also want to take this opportunity to particularly acknowledge our two main commercial partners, AIA and Nike. They have been with us on our journey and have shown total support and loyalty. I have said it before and I repeat it now – we could not have reached this stage and delivered our stadium without their long-term commitment.”

“I should like to welcome cinch, our new Official Sleeve Partner and Getir, our new Official Training Wear Partner and to thank all our incredibly supportive partners. Commercial partnerships such as these play a significant part in our ability to grow our club.”

“All of this, together, kept us going and as a result we have emerged from the pandemic financially stable. Global uncertainties remain and the club is not alone in facing significant cost pressures resulting from the impact of the pandemic on supply chain constraints and consequences of Brexit.”

“Resilience is, however, a hallmark of everyone at the club.”
 

Foundations in place

“Before looking ahead, I wanted to reflect on our journey to date. Since ENIC became the majority shareholder in 2001 we have had a clear three-step strategy. Firstly, we worked to improve football performance and, whilst no one club has a right to a smooth, continuous, upward trajectory, we have seen the club rise from middle to bottom-of-the-table finishes to being in European competition in 15 out of the last 16 seasons.”

“Secondly, we built a state-of-the-art training center to attract, train and retain the best talent, both for the Academy and the First Team. We have gone on to do far more than that with the delivery of our award-winning player accommodation, ‘The Lodge’, which has been instrumental in providing exceptional rest and recovery facilities for players and, during COVID-19 times, provided an ideal isolation facility for the early return of players to the squad.”

“Thirdly, we set out to deliver an increased capacity stadium that would not only generate greater matchday revenues, but also the opportunity for more fans to attend games. Our club could not remain competitive with one of the smallest stadiums in the Premier League.”

“Since opening, our stadium has been recognized with 18 awards including the prestigious Royal Institute of British Architects (RIBA) London and National awards. We are delighted to have been selected to pilot safe standing in January 2022, and be able to offer our fans the choice. This is something for which the club has lobbied for some time and for which we future-proofed the stadium seating design to accommodate.”

“Having delivered our training center, ‘The Lodge’ and stadium we shall not stand still, we shall continue to innovate and ensure the most exceptional player, fan and visitor experiences.”

“Our building blocks for the future success of the club are now firmly in place.”
 

Our club strategy

“Going forward, therefore, our strategy is clear – to drive and generate revenues to invest in all of our football activities.”

“Football success, in turn, supports the growth of our club, our fan base and consequently wider, commercial opportunities and partnerships, which then deliver further revenue to reinvest in football – the virtuous, sustainable circle on which our club model is based.”

“We shall develop new and diverse revenue streams to increase recurring revenues. Third party events such as conferencing, National Football League (NFL), concerts, boxing, and rugby are all examples of this. Our stadium is a key component to our revenue growth yet, unbelievably, we have still not seen and enjoyed a full season in our new stadium with attendances.”

“We shall continue to invest in our senior management and our staff to deliver this and look to decrease our reliance on football revenues alone, such that we protect our club’s long-term sustainability.”

“We welcomed Todd Kline in March of this year, as our new Chief Commercial Officer. Todd, who joins us from the William Morris Endeavor agency and the National Football League (NFL) franchise Miami Dolphins, is focused on securing additional partnerships and strategic commercial opportunities across the club.”

“This was a position held by a much-missed colleague, Simon Bamber, who sadly and suddenly passed away this year. He will always be in our thoughts, as a colleague, a fan and a wise counsel to us all.”

“We shall also undertake supporting property projects. The development of the hotel, for example, on the stadium campus, will support our conference and events business and generate not only additional revenues, but also training and jobs in the local community.”

“It has always been the case that, whilst football is at our core, we find ourselves in an area of such need, we must ensure that our activities benefit the widest possible community and improve the surrounding environs for all who live, study, work in or visit the area.”
 

Beating heart of North Tottenham – LDN17

“We have grown organically in a self-sustaining manner. Every penny we make is reinvested in the club. This means that every fan who has ever engaged with and supported the club, by going to games or wearing our colors, has, in some way, contributed to the club we are today. They have all played a part in our growth, in the development of the building blocks for our future success, in providing opportunities and inclusivity for our communities.”

“We fundamentally believe we have a key role to play in the transformation of our neighborhood. You will have seen new schools, plans for homes, shops, and businesses around the stadium. It has always been our ambition to see the new stadium kickstart wider regeneration and attract increased spend in the local economy. We are passionate about revitalizing our neighborhood and raising the aspirations of those who live here. We all rise when we lift others.”
“We have also worked hard to include environmentally sustainable options in our operations. This has seen us as being recognized as the greenest club in the Premier League and host the first Net Zero game. Like many organizations we still have so much more to do.”

“I was proud to see the club recognized with the award of the Advanced Level Premier League Equality Standard. Our audited accounts confirm that we pay all permanent staff and casual workers the London Living Wage (LLW) and require third-party suppliers to be equally committed to paying LLW.”

“Our activities reflect the responsible and respectful nature of our club.”

“What we are doing in LDN17 will be a legacy for us all.”
 

On the pitch

“It is far from ideal to make changes to coaching staff, however, we have acted swiftly and decisively when we felt it necessary, always looking to act in the best interests of the club.”

“We extend a warm welcome to Fabio Paratici, Managing Director, Football, and our new Head Coach, Antonio Conte, along with his coaching staff. We are also delighted to see Ryan Mason join this group.”

“The appointments of Fabio and Antonio are a clear demonstration of our intent and ambition.”

“Since opening the stadium in April 2019, we have spent almost £400m on players. Player spending is no guarantee of success, and our focus must be on improved recruitment, coaching, fitness, and a competitive mindset.”

“Fabio continued the rebuild in the summer, resulting in the average age of our new summer signings being 22 years compared to the average age of 31 years for the outgoing players. We shall also look to continue the well-established path for youngsters from our Academy to our First Team. I know that Antonio’s approach is if a player is good enough, he will play, regardless of status or age.”

“I should like to take this opportunity to formally congratulate our Women’s First Team Head Coach, Rehanne Skinner, on a successful first year at the club. Under the tutelage of Rehanne and her coaching staff, the team has had a positive start to what is only their third FA Women’s Super League (WSL) season.”

“The Women’s First Team has seen a rapid rise from being semi-professional less than five years ago to finishing second in the FA Women’s Championship and earning promotion to the WSL in 2019.”

“The North London derby against Arsenal F.C., held at the Tottenham Hotspur Stadium in November 2019, set a new all-time attendance record for the WSL of 38,262 which remains in place.”

“We are currently undertaking the construction of exclusive facilities for the Women’s First Team at the training center, alongside a dedicated match quality training pitch, where the Women’s First Team now trains full-time.”
 

Looking ahead

“Sustainability is a key word in football. We have seen how fragile the finances of a football club can be and the impact of losses on the stability of the football pyramid. As custodians we have to protect the club for future generations of fans.”

“We have come a long way and we have so much further to go. We remain relentlessly ambitious and are determined to deliver honors and make our supporters proud.”
 

Financial brass tacks:

• Match receipts of £1.9m (2020: £94.5m) due to games played behind closed doors;
• The Union of European Football Associations (UEFA) prize money was £23.6m (2020: £51.2m) reflecting the difference between competing in the UEFA Europa League compared to the UEFA Champions League;
• TV and media revenues were £184.4m (2020: £95.2m) as a result of the prior season being suspended and completed in the current financial year;
• Commercial revenue from sponsorship grew during the year but was negatively impacted by the loss of third-party events such as NFL, concerts and tours;
• Profit from operations, excluding football trading and before depreciation and exceptional items, was £97.1m (2020: £115.3m);
• Last two financial years significantly affected by the COVID-19 pandemic resulting in pre-tax losses of nearly £150m for the two-year period;
• Refinancing of short-term debt – Government Compensatory and Contingency Financing Facility CCFF (£175m) and BAML (£50m) both refinanced through a bond issue;
• Net debt of £706m (2020: £605m) with average interest rate of 2.7 percent and repayment terms extended to 2051, extending the average term of debt to over 22 years; and
• As with past years, no dividend has been paid with all operating profits being reinvested in the club.

 

Job opening

 

Tottenham Hotspur/Elevate Sports Ventures Director of Sales

 

Director of Sales – overview

The ‘Elevate Sports Venture’ stated that the Director of Sales will be responsible for leading and managing the sales team that will be selling all available THFC, THW and stadium event revenues.
 

Responsibilities:

• Work to identify new key corporate and community relationships or partnerships that will assist in developing new sales opportunities;
• Represent the organization at various events and programing to showcase sales opportunities;
• Actively research and analyze new technology, trends, developments within industry and provide ideas and insights;
• To improve sales strategy and product portfolio;
• Responsible for outbound outreach lists provided, generate own leads through referrals, networking, social selling, and effective research;
• Attend outside events with the purpose of selling, networking, gathering leads, and prospects;
• Meet or exceed revenue targets related to premium seating;
• Identify, recruit, hire, and train sales consultants;
• Manage, supervise, motivate, and provide leadership to a staff of approximately three sales executives;
• Provide guidance on the sales process with every team member, including assistance with prospecting, qualifying potential clients, presenting opportunities and attending meetings;
• Evaluate the daily activities of the sales team and provide regular feedback, training and coaching during weekly reviews and department meetings;
• Contribute positively to a competitive sales team culture and participate in sales team meetings and training sessions;
• Work alongside Elevate leadership, locally and in the States;
• Work alongside Tottenham’s executive team, who are leading the venue’s commercial and operation initiatives;
• Regularly measure and report on the budget and effectiveness of sales campaigns, offerings and staff performance, and provide strategic recommendations; and
• Represent Elevate, Tottenham and other partners of the venue professionally.

 

Qualifications

The ‘Elevate Sports Venture’ further stated that the qualifications listed below represent the credentials necessary to perform the essential functions of this position. To be successful in this position, an individual must be able to perform each essential duty satisfactorily. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.
 

A. Education and/or Experience:

• Bachelor’s degree, or equivalent experience required;
• 10+ years of experience in hospitality sales or professional sports ticket sales;
• 2+ years in management role leading a hospitality sales team or ticket sales team;
• History with writing and/or implementing successful ticket sales strategies and plans;
• Proven ability to develop and train existing staff and identify future sales candidates; and
• Track record of achieving and surpassing sales goals;

 

B. Knowledge/Skills/Abilities:

• Must have the ability to maintain professional behavior and appearance;
• Must have the ability to demonstrate uncompromised judgment and discretion to protect the confidentiality/privacy of others, and company documents and records;
• Must have a strong sense of self-awareness and emotional intelligence, strong interpersonal conflict resolution and problem-solving skills;
• Must have truly outstanding customer service and interpersonal communication skills;
• Must have good decision-making skills, solid judgment and interpersonal effectiveness;
• Must have an interest and ability in serving others as one of the primary functions of their job;
• Must be self-directed and able to work independently;
• Must be flexible and reliable team player, both within own department and within company as a whole;
• Must possess strong communication skills, must be comfortable with engaging in a variety of different communicative modes (verbal, non-verbal and written) and being attuned to others through strong, active listening skills;
• Must have excellent written communication skills;
• Must possess a strong ability to manage one’s own time and prioritize tasks when given clearly defined goals and objectives;
• Must be able to identify problems, their sources, and their potential solutions while continuing to successfully conduct day-to-day operations without interruption;
• Must have a strong command of reasoned, measured decision-making based upon analyzing the pros and cons of each potential decision to be made; and
• Must be commercially focused on achieving and surpassing revenue goals within a highly sales focused organization.

 

C. Certifications

None required.

 

Working conditions

Travel requirements – May be required to travel to London or the States (OVG and Elevate regional offices).

 

Physical demands

This position requires the ability to lift up to 10 pounds.

 

Work environment

The incumbent primarily works in an office environment, however, is expected to attend all events.

Send your resume to HR@elevatesv.com to apply for this position. Please put Director of Sales – Tottenham in the subject line.

This position is open to all qualified candidates. If you need assistance or an accommodation due to a disability in connection with the application process, you may contact us at HR@elevatesv.com.

We are proud to be an equal opportunity/veterans/disabled/ LGBT employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. All employment is decided on the basis of qualifications, merit and business need, without regard to race, color, religion, gender, sexual orientation, national origin, disability status, protected veteran status, genetic information, or any other characteristic protected by applicable law.

Elevate Sports Ventures is a best-in-class sports, entertainment and brand agency that provides proven and innovative solutions in hospitality and partnership sales, marketing, data and analytics insights, and brand representation to organizations across the global sports and entertainment landscape. Formed in partnership between the San Francisco 49ers, Harris Blitzer Sports & Entertainment (HBSE), Oak View Group (OVG), and Ticketmaster/Live Nation in 2018, Elevate is spearheading the most prestigious and dynamic new stadium and redevelopment projects in the world.

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