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.