D-Levy wants to D-List


You'll have seen the financial results and club announcement from Spurs. We plan to 'de-list' the club from the Alternative Investment Market (AIM) and cease to be a public limited company, mainly for the reason that this (remaining a PLC) restricts us from gaining private investment in order to aid the NDP financially. A private company is the long and winding road we choose to skip down.

"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. 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." - Levy

The AGM is on December 13th, so the majority owners of ENIC will propose then that we are de-listed. Won't be an issue, ENIC own 82% of the shares (the remaining small shareholders will be able to sell their shares if they wish).

Long term, ENIC and Levy are positioning themselves for the money shot. Build a new stadium. Maximise potential profits. Sell the club.

No shocking revelation there. ENIC are an investment company with shareholders and as long as the club is left in a healthy state nobody is going to complain when the time comes for Levy to move on (other than myself as I'll have to register a new domain name and writing letters to Daniel will hardly be relevant if he's no longer at the helm). Although hopefully the caveat will stress 'do not sell to anyone with oil money and playboy traits'.

Point is, ENIC are custodians and there is little argument against the fact that we have (in terms of business) been run supremely well in recent years considering we are not a seasoned CL club and still play in a below 40k stadium. That's mainly down to Levy and the fact he has the Tottenham brand to play with and a massively loyaly fanbase to lean on. But that next step is imperative to the ethos of being unequivocally competitive with other clubs that are richer thanks to ticket revenue and over-priced Coca-Cola.

The following quote below doesn't quite inspire, although again this might simply be Levy's siege mentality on gaining the necessary monies the club needs to push the NDP into its phase of reality:

A financing package will need to include bank finance, enabling development and sponsorship. Quite clearly any significant, further investment by the Club would need to be in the context of a commitment by the public sector to undertake public infrastructure works in order to create the environment and confidence to commit further.These would include public sector improvements such as public space upgrades, improved public transport and public realm works, to be delivered in the surrounding area and to contribute to the general uplift of the borough, thereby creating an area in which the Club can justify an investment of hundreds of millions of pounds, secure funding and be a catalyst for further regenerative investment. We are continuing to hold positive and constructive discussions with local, regional and national government as we seek to move this scheme forward.

The rumoured £7.5M Boris has promised is hardly game-changing and we still await to see if a new tube station is forthcoming. A game of Thrones.

Fact is, the club (ENIC) need to push on. We need that new 55+ ground and I have no doubts that's what we'll achieve. Otherwise, there is no progression for Spurs or Levy and therefore nothing for ENIC's shareholders to feast on in the years ahead.

As for the financial results:

Champions League football revenue rose almost £44m to £163.5m

Operating profits up 42% to £32.3m

Costs of maintaining the squad up 35% to £131.2M (compared to 2010 £97.1M)

Club recorded a pre-tax profit of £400,000

More money made thanks to CL, more money spent on general costs and outgoings (new training ground, NDP, debt reduction, player bonuses etc), less tax wastage. It's all good. We're a slick machine in business operating terms, almost as slick as the manner of our football.

CL football will keep us happy and the chairman focused. For now, progress for the NDP is still lost in politics and posturing.

In amongst all the figures, worth also citing the obvious fact that the OS bid is dead. Dodo dead.