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TOPSPURS COLUMNISTS
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Many supporters
believe that there are 2 alternatives for the team at White Hart Lane -slower
lane and faster lane. Slower lane is the
team and the finances well run, as at present, at the present stadium.
Realistically Spurs should go for silverware in the FA and League Cups, and
perhaps the Europa League, and try and win one or
more of these. Top 4 League finishes and entry to the Champions League will
be occasional rather than regular. Faster lane means
investment in a new stadium, almost certainly at White Hart Lane and the
recently purchased land to the north - once the Olympic Stadium appeals are
finally over. The big financial issue here is that the new investment will
probably need to exceed the current value of the club. Its current valuation
is around £250m and the new stadium will cost net between £250m and £400m,
depending on the associated commercial developments and naming rights income. If Spurs were able to
borrow from banks the new debt could exceed the current value of the club,
and the interest charges would consume much of the additional match revenue.
If Spurs go by way of a share issue it could mean the current owner ending up
with about half of the new asset and perhaps losing overall control - unless
the owner himself buys the additional shares. A way forward could
be for the current owner to buy the additional shares and complete the
stadium project - the club may be more saleable then and he could realise his investment. Selling now with all the
uncertainty surrounding the stadium is perhaps not the best time. Arsenal
with its modern stadium is currently valued at around £730m - so Spurs would
be good value at under that price and with the new stadium completed. If the stadium was
completed with minimal new external debt, then the additional match revenue
should allow Spurs to compete regularly at the top level. Both choices facing
Spurs are valid - but a choice needs to be made soon and communicated to the supporters. Chris Gray 28
June 2011 - SUPER SPURS Last
autumn before each match I used to walk around the north of the stadium picturing
how the new ground would look and what it would mean to the future of Spurs.
The chairman had said the development was progressing well, and so it looked,
and that he would not be looking to the market for finance until a later
stage. To be honest
I thought that meant the net cost of the stadium - after development profits
from supermarket, hotel, etc - would be funded by the owner who would have a
greater value asset to eventually sell. If Spurs were worth £300 million
without the new stadium they would be worth £600 million with it. That would
still be less than the market value of Arsenal so the notion did not seem too
crazy. If the
stadium cost was rolled up in the equity of the club then the increased
income generated could be used for retaining the good players and buying
additional ones - and thus raising Spurs to the next level - more frequent
Champions League seasons - within the new financial fair play regime. Building
the stadium with lots of new external debt would not really work - the
interest payments would erode too much of the additional income generated and
the football side of the operation would not see much benefit - at least not
for many years. I thought
that there might be a new owner lined up, or if not the current owner was
wealthy enough to carry the investment, see Spurs move to the next level and
sell up at a later date. Buying Spurs with a new 56,000 stadium for less than
the cost of Arsenal seemed quite a good deal for someone, and still does. So Super
Spurs will only return, and can
return, if someone takes an investment risk. Otherwise we will have to
continue with occasional Champions League Spurs. Chris Gray 27th April
2011 - SPURS’ FUTURE by Chris Gray The key to Spurs’
future will be good business and team management in an era of financial fair
play based on football related income. Up to the end of last season Spurs’
are the fifth ranked English club, using 3 measures. First - all time
trophy winners - Liverpool 40, Manchester United 37, Arsenal 26, Aston Villa
20, Spurs 17. Second - post second
World War trophy winners - Liverpool 36, Manchester United 34, Arsenal 19,
Chelsea 16, Spurs 15. Third - post second
World War top level league points - Manchester United, Arsenal, Liverpool,
Everton, Spurs. So that’s not a bad
base from which to start, and of course we finished fourth in the league last
year, entering the Champions League this season. We have 2 choices for
the future - remain around fifth with 36,000 capacity White Hart Lane, or
move to a 60,000 capacity stadium with as little debt as possible and go for
more frequent/permanent Champions League football, or European Super League
football a few years down the road. I think Spurs have the fan base to
sustain the more interesting route. It’s a clear
opportunity for investment in a top class London football club and I just
hope someone will take up the challenge. The idea of a stadium
at Tottenham Hale appeals. There would be no building work for 2/3 years around the current stadium; the
capacity could be a full 60,000 and not the 56,000 planned around White Hart
Lane; it would be a fresh start with a clear new name/naming rights for the
stadium; the stadium would still be in Tottenham; Spurs would own the ground;
there would be a tube station nearby. I wonder if the
Russian gentleman who owns only 27% of Arsenal, and is worth around £10bn,
would like to invest in a team over the way. Or perhaps he has a friend. Come on you Spurs,
Come on you Spurs investor. Chris Gray |
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Disclaimer: Please note the words on this page are the opinion
of the topspurs columnist and are just that, opinions, not facts and are
nothing to do with Tottenham Hotspur Football club PLC. Just a supporter
having his say nothing more nothing less. Any commentary on betting is meant
for discussion purposes only and does not constitute any form of advice or
recommendation. |