Below you will find Chairman Daniel Levy's statement from this year's AGM.
January 2007
Before we start on the official business I would like to say a few words to the meeting.
Last season was a formative one for our Club with our highest ever finish in the Premiership and our entry to the UEFA cup competition.
Whilst we can be proud of the achievements of last season – we cannot afford the luxury of sitting back on our laurels - far from it. No business stands still and we have a good deal more to do.
We continue to face significant challenges – taking predominance are our future capital projects – namely the proposed new Academy and First Team facilities and the other, the possible development of an increased capacity stadium.
To update you on the status of these projects – Earlier in the year the Club presented an exceptional proposal to Enfield Council for the development of a world class Academy and First Team facility. The proposal for the 56 acre site on a Metropolitan Green Belt site was always going to be challenging, but such was the strength and appropriateness of our application that is was fully supported by the Council's planning department with a recommendation for approval, and endorsed by such bodies as the GLA and English Nature - the application was, however, turned down by Enfield Councillors on grounds of the site's Green Belt designation. As expected, and as with many similar applications from football clubs across the UK, this process has now gone to Appeal and is due to be heard later this year. I should like to place on record at this stage the Boards gratitude to the very many supporters and local residents who took the time to write in support of our application. We shall keep you informed as the process takes its course.
In respect of the stadium, we continue to examine all options as we look at the possibility and indeed, the feasibility of increasing capacity. Whether this be in the form of a redevelopment of White Hart Lane or new build on an alternative site. I am conscious of the need, and it would be remiss of your Board to do otherwise, for this to be achieved without a negative impact on our financial stability, without affecting our ability to invest in the First Team or our desire to bring the Academy project to fruition. We are also mindful of the increasing television coverage of matches, the trend on the continent away from matchday attendance and, during busy seasons with increased cup games, the ability of the Club to sell-out increased capacity.
We continue to work through our options and I fully expect and am determined that we shall have a much clearer picture this time next year.
To summarise, the Academy project is following its expected course and financial resources have been ring fenced for the development. In respect of the stadium, we continue to drive the process in consultation with a number of bodies and we continue to site assemble around the stadium to ensure we are in control of our surroundings. It will be a long process but one on which we are committed to deliver.
Both of these projects are key to how the Club develops over the decades to come and I certainly do not underestimate their importance - but neither should the complexity of them be underestimated and they should both be viewed in perspective – they need to be achieved in a cost structure and a time frame which in no way impinges on the short, medium or long-term ability of this Club to compete and enjoy longevity of financial stability.
Moving away from our longer term projects…
An unexpected challenge the business faced this season has been the total overhaul of the ticket office, a process that will not be complete until the Summer and which includes the future integration of Members and the Ticket Office, along with the introduction of new in-house computer and web systems. Our supporters have been patient with us throughout the transition period and we, in return, have sought to minimise disruption and to respond to supporter issues and concerns. I fully acknowledge that the service is not yet operating at the level that our supporters have a right to expect, but rest assured we are giving this our full attention. I am also conscious that this is compounded by the fact that it is taking place in our busiest season for many years.
I was pleased to note the support we received from fans for our recent efforts to overturn a Football League decision, which would have meant a disparity of percentage on away ticket allocation for our Carling Cup semi-final. We were determined to deliver the fairest solution for our fans.
Moving forward – we have a strong commercial platform which generates good levels of cash - and the business continues to grow and retain the ability to invest.
We have invested significantly in the team during the period - and the team remains our priority. In the last year the Club has spent just over £45 million on new players, infrastructure and our community projects – an increase of £10 million over the prior year. We have continued to develop a strong squad of players with a mix of good young talent.
We have made provision for significant funds to be available for valuable community-based projects through the new Tottenham Hotspur Foundation, which we launch here today. It is important that we recognise the grass roots level of the game and the power of football to inspire, engage and, in some cases, enhance and change the lives of young people. You will hear more about this from Kathryn Robinson, the newly appointed CEO of the Foundation, in a short presentation before the formalities of the meeting.
During the year we announced two new record-breaking commercial agreements for the Club - bringing in a new technical sponsor, PUMA and a new Club sponsor, MANSION.
We have seen growth and increased income in all areas of the business and we find ourselves in three cup competitions at this point in the season. All this, I believe, allows us to view the future with well-placed optimism. This year sees the 125th anniversary of our much loved Club and we shall all look forward to celebrating that.
Finally, I would to like to thank everyone at the Club for their contribution to last season's success and to the Club's supporters for their magnificent support. Our priority is to challenge for honours on a consistent basis - and I believe that we have gained ground on achieving that goal.
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December 2005
Before we start on the official business of the meeting I would like to say a few words.
I am delighted to have presided over a year where the Club has made genuine progress right across the board. We have continued to orchestrate change – not for change sake – but in the pursuit of excellence – across each and every part of the Club.
Commercially this year has been the most successful in our history, producing record turnover and operating profits with an excellent performance from every department, although the numbers were buoyed by turnover from additional cup games over the prior season. We have also continued to invest heavily in the squad and I was pleased with the outcome of the Summer transfer window. I have no doubt that under the guidance of Damien and Martin we shall select and coach players who will restore excitement and promise to the Club once again.
When I look back over the last year it seems we have been in an almost continuous state of change and not without some set-backs. For my part, I believe we now have some of the very best management capable of taking us on to a period of sustained success. We will continue to invest in the future prosperity of the Club – a priority is to achieve a successful outcome for the new proposed Academy and first team facilities at the proposed site in Bull’s Cross, Enfield. I should like to stress that it is very early days in the long process of planning application and consultation and, as such, it would be inappropriate to comment further at this stage other than to re-state our commitment to the scheme and an area so closely linked to our heritage.
In respect of the stadium – we continue to keep our options open. I have said on many previous occasions, and it remains the case, that we must seek an option that is not detrimental to the long-term finances of the Club and is in the interests of our supporters. We have continued to upgrade the current stadium in order to ensure an enjoyable matchday experience for our supporters and remain one of the few clubs with a virtual capacity sell-out for all matches – at a time when many other clubs are experiencing declining attendances.
Which leads me to pay tribute to our loyal fans – filling White Hart Lane to the rafters for every game, highly vocal, passionate and ever demanding; and travelling many miles in all weathers. Thank you for your magnificent support.
Finally, I announce with regret that David Buchler has declared his intention to resign due to increasing demands on his time from business and personal interests. David has been the non-executive Vice Chairman of the Club for the past 4 years, a period which saw much change at the Club. Both I and fellow members of the Board would like to thank David for his contribution and support during this time and to wish him well for the future. I know he will be no stranger to the Lane in the coming years.
Thank you everyone.
The above information has been disclosed for the purposes of AIM Rule 26.
