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Posted on 16 October 2001  - 12:00

Tottenham Hotspur (Spurs) Football Club is located in North London. The club is also known as Spurs. Tottenham's home ground is White Hart Lane. The club motto is Audere est Facere (To dare is to do).

<P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></FONT></B><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">16th October 2001<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Enquiries:<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Daniel Levy, Chairman<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 2">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>Tel:<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>020 8365 5000<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">David Buchler, Vice Chairman<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Tottenham Hotspur plc<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">John Bick/Trevor Phillips<SPAN style="mso-tab-count: 2">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>Tel:<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>020 7929 5599<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Holborn<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><H1><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Tottenham Hotspur plc<o:p></o:p></SPAN></FONT></B></H1><P class=MsoNormal style="TEXT-ALIGN: center" align=center><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Preliminary Results for the eleven months ended 30th June 2001<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: center" align=center><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Summary of Results<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P><TABLE style="BORDER-RIGHT: medium none&#59; BORDER-TOP: medium none&#59; BORDER-LEFT: medium none&#59; BORDER-BOTTOM: medium none&#59; BORDER-COLLAPSE: collapse&#59; mso-table-layout-alt: fixed&#59; mso-border-alt: dotted windowtext .5pt&#59; mso-padding-alt: 0in 5.4pt 0in 5.4pt" cellSpacing=0 cellPadding=0 border=1><TBODY><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: windowtext 0.5pt dotted&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted" vAlign=top width=300><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: windowtext 0.5pt dotted&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Eleven Months<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Ended<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">30th June 2001<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&pound&#59;m<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: windowtext 0.5pt dotted&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Twelve Months<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Ended<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">31st July 2000<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&pound&#59;m<o:p></o:p></SPAN></FONT></TD></TR><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=300><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Turnover<o:p></o:p></SPAN></FONT><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">48.4<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">48.0<o:p></o:p></SPAN></FONT></TD></TR><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=300><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Operating profit before player trading and amortisation of players<o:p></o:p></SPAN></FONT><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">9.4<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">7.5<o:p></o:p></SPAN></FONT></TD></TR><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=300><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Net interest payable<o:p></o:p></SPAN></FONT><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(0.9)<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(0.7)<o:p></o:p></SPAN></FONT></TD></TR><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=300><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Player Trading<o:p></o:p></SPAN></FONT><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(0.9)<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">3.9<o:p></o:p></SPAN></FONT></TD></TR><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=300><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Amortisation of players<o:p></o:p></SPAN></FONT><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(11.1)<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(11.5)<o:p></o:p></SPAN></FONT></TD></TR><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=300><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Loss before tax<o:p></o:p></SPAN></FONT><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(3.5)<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(0.8)<o:p></o:p></SPAN></FONT></TD></TR><TR><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: windowtext 0.5pt dotted&#59; WIDTH: 225.15pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=300><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(Loss)/earnings per share<o:p></o:p></SPAN></FONT><P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.4pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">(2.3)p<o:p></o:p></SPAN></FONT></TD><TD style="BORDER-RIGHT: windowtext 0.5pt dotted&#59; PADDING-RIGHT: 5.4pt&#59; BORDER-TOP: medium none&#59; PADDING-LEFT: 5.4pt&#59; PADDING-BOTTOM: 0in&#59; BORDER-LEFT: medium none&#59; WIDTH: 100.45pt&#59; PADDING-TOP: 0in&#59; BORDER-BOTTOM: windowtext 0.5pt dotted&#59; mso-border-left-alt: dotted windowtext .5pt&#59; mso-border-top-alt: dotted windowtext .5pt" vAlign=top width=134><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">0.1p<o:p></o:p></SPAN></FONT></TD></TR></TBODY></TABLE><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said:<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&ldquo&#59;Tottenham Hotspur has a strong and proud heritage. Looking to the future, we have two key objectives for the Club: firstly to continue to develop and strengthen our ability to compete for domestic and European honours and, secondly, to build a strong, clear brand position, nationally and internationally.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&ldquo&#59;We have outlined two significant investment initiatives which will be high priorities, the Spurs Academy and the development of the Stadium, and we will continue to explore these during the coming year.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We are committed to delivering long term success on and off the pitch and improving shareholder value.&rdquo&#59;<o:p></o:p></SPAN></FONT><P><B style="mso-bidi-font-weight: normal"><U><FONT face=Arial size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; FONT-FAMILY: Arial&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-bidi-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR style="PAGE-BREAK-BEFORE: always" clear=all></SPAN></FONT></U></B>&nbsp&#59;<P class=MsoTitle><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; TEXT-TRANSFORM: uppercase&#59; FONT-FAMILY: 'Times New Roman'&#59; TEXT-DECORATION: none&#59; text-underline: none"><SPAN style="mso-bidi-font-size: 10.0pt">Chairman&rsquo&#59;s Statement<o:p></o:p></SPAN></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">I am pleased to announce the results for the eleven month period to 30th June 2001. In February of this year ENIC plc concluded its purchase of 27.4 million ordinary shares in Tottenham Hotspur plc from Amshold Limited resulting in ENIC being a 29.9 per cent shareholder. Since then the new management team has concluded a thorough review of the business. I am pleased to report that many of its recommendations have already been actioned.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">During the second half of the financial period I have been delighted with the way in which everyone at the Club has embraced change.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><H2 style="MARGIN-TOP: 0in&#59; TEXT-ALIGN: justify"><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'"><SPAN style="mso-bidi-font-size: 10.0pt">Results<o:p></o:p></SPAN></SPAN></FONT></B></H2><P class=MsoNormal style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Earlier in the year we announced a change in the year-end from July to June and as a consequence we report to you today on the eleven months to 30th June 2001 compared to the twelve months to 31st July 2000.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The comparative figures in this statement are therefore not always representative and more detail is given in the Operating and Financial Review that follows.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Turnover of &pound&#59;48.4m (2000 - &pound&#59;48.0m) was essentially unchanged from last year with increases from domestic TV and broadcasting being offset by the absence of revenue streams from European football in which we participated the previous season.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Operating profit before player trading of &pound&#59;9.4m (2000 - &pound&#59;7.5m) remains healthy but the costs of amortisation and player trading led us to a loss before interest and tax of &pound&#59;2.6m (2000 - &pound&#59;0.1m loss).<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">I am delighted to report that the balance sheet remains strong despite a 6 per cent decrease in net assets to &pound&#59;38.9m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Gearing is also 5 per cent lower at 39 per cent of shareholders funds comprising some &pound&#59;15.1m. In addition, a number of very good young players are now qualifying for the first team squad either from our own Academy or acquired at relatively low cost, and this potential value is not reflected in the Balance Sheet. <o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">As in prior years, your Board has decided with respect to this financial period that any surplus funds will be re-invested into the Company and therefore there will be no dividend paid to shareholders.<o:p></o:p></SPAN></FONT><H2 style="MARGIN: 0in 0in 6pt&#59; TEXT-ALIGN: justify"><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'">&nbsp&#59;</SPAN></FONT></B><FONT face="Times New Roman"><SPAN style="FONT-FAMILY: 'Times New Roman'"><o:p></o:p></SPAN></FONT></H2><H4><B><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-bidi-font-weight: bold">Management<o:p></o:p></SPAN></FONT></B></H4><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">As previously reported to shareholders a Strategic Review of all operations and resources has been carried out.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>A number of recommendations have been made to the Board, some already implemented include initiatives which affect the working culture of the staff and improved internal communications.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>There has also been a tighter definition of roles and as a result, John Sedgwick, Chief Operating Officer and Finance Director and John Ireland, Company Secretary, leave the Company today.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We would like to thank them both for their contribution to Tottenham Hotspur, particularly for their work with David Buchler over the last six months.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We wish them well for the future.<o:p></o:p></SPAN></FONT><P><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR style="PAGE-BREAK-BEFORE: always&#59; mso-special-character: line-break" clear=all></SPAN></FONT>&nbsp&#59;<P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">David Buchler, who has been responsible for the Strategic Review in his role as Executive Vice Chairman will now take a Non Executive role within the Company.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>With effect from today, I move from a Non Executive role to an Executive role and as such will be responsible for the management of the Company.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Paul Viner ACA, who is the Company&rsquo&#59;s Financial Controller, becomes Finance Director Designate and Company Secretary with immediate effect.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Paul joined the Company in January 1996 as Financial Accountant and was appointed Financial Controller in July 1999.<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><H2 style="MARGIN-TOP: 0in&#59; TEXT-ALIGN: justify"><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'"><SPAN style="mso-bidi-font-size: 10.0pt">Football<o:p></o:p></SPAN></SPAN></FONT></B></H2><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Glenn Hoddle was appointed first team manager on 1st April 2001.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>He has a proven managerial record for club and country.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This together with his playing image gives us an advantage when attracting players of international quality.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>He also has an affinity with Spurs and I am confident in his capability to achieve long-term success at this Club.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">We were all disappointed by Sol Campbell&rsquo&#59;s decision to leave, despite considerable attempts by the Club to strike an agreement.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Recognising the fact that the Club had several talented youngsters who lacked experience the Manager has bought a number of experienced and international players.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Goran Bunjecevic (Red Star Belgrade), Gus Poyet (Chelsea), Teddy Sheringham (Manchester United), Christian Ziege (Liverpool), Kasey Keller (Real Vallecano) and Dean Richards (Southampton) have joined and we wish them successful careers at Spurs.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">During the year two young players, Simon Davies (Wales) and Gary Doherty (Eire), are to be congratulated for winning their first senior international caps.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Regularly selected international players were Stephen Carr (Eire), Neil Sullivan (Scotland), Oyvind Leonhardsen (Norway), Steffen Iversen (Norway) and Sergiy Rebrov (Ukraine).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Also Ledley King became a regular England Under 21 international.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">We were all saddened by the forced retirement of Willem Korsten on medical grounds.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>He showed much promise since joining the Club in 1999 from Vitesse Arnhem and we wish him well.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">We were proud to host the first senior international match at White Hart Lane since November 1949, when England entertained Holland in August.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">As part of the Club&rsquo&#59;s pre-season programme we were delighted to stage the Bill Nicholson Testimonial game against Italy&rsquo&#59;s Fiorentina.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>It was a memorable evening for everyone in the capacity crowd at White Hart Lane and a suitable tribute to this great man of football and Tottenham Hotspur.<o:p></o:p></SPAN></FONT><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">The Spurs Academy<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">We believe that our long-term strategy must be to focus on the development of home grown talent and build on the success of our young players.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Young players who have progressed to senior football include Stephen Carr, Ledley King, Stephen Clemence and Alton Thelwell.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Players leaving included Sol Campbell, Luke Young and Ian Walker, all of who came through our system.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We wish them well.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>As a result your Board is currently considering a programme of investment in the development of the Spurs Academy over the medium term. The Spurs Academy, involving over 180 young players, has already shown itself to be invaluable in producing the Club&rsquo&#59;s future players and as such is a top priority. We have drawn up extensive plans designed to create a world class arena for young talent and future First team candidates. We are currently in discussions with property consultants to extend the current site at Spurs Lodge in Chigwell, Essex or to relocate and I shall report on the outcome of these in due course.<o:p></o:p></SPAN></FONT><P class=MsoHeading9 style="TEXT-ALIGN: left" align=left><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'">&nbsp&#59;</SPAN></FONT></B><FONT face="Times New Roman"><SPAN style="FONT-FAMILY: 'Times New Roman'"><o:p></o:p></SPAN></FONT><H4><B><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-bidi-font-weight: bold">The Stadium<o:p></o:p></SPAN></FONT></B></H4><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Your Board is looking at the different options for improvements of the stadium. In particular we are looking at the complete redevelopment of the East Stand in order to increase total stadium capacity from around 36,000 to approximately 44,000 and improve the facilities available to fans in that part of the ground, now the oldest and least developed of our facilities.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We have received conditional planning approval but whilst our plans for the development are advancing based on a new three-tier cantilever stand, we remain cautious not to incur any further major expense until the Club has more details from the Local Authority regarding its development plans for the area.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>In particular, these include proposed improvements to the transport infrastructure servicing the stadium.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We are continuing our discussions with the Local Authority.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><H4><B><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-bidi-font-weight: bold">Commercial<o:p></o:p></SPAN></FONT></B></H4><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">As part of the restructuring of our commercial department, we have planned for a central marketing resource to sit alongside and support our sales team and support all other operational areas of the business. A priority for this team will be the development and extension of the Tottenham Hotspur brand. This is vital if the Club is to develop long-term, profitable relationships with key sponsors and commercial partners.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">The retail environment continues to be a challenging one and our Merchandising Division is no exception.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We have already made improvements to the operational cost base of the business and are continuing to look at a number of economic improvements in order to improve overall margins in this area as well as increasing revenues which includes continued work on the development of our internet-derived sales.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoHeading9 style="TEXT-ALIGN: left" align=left><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'"><SPAN style="mso-bidi-font-size: 10.0pt">Media<o:p></o:p></SPAN></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Whilst a number of English and European clubs have already agreed joint venture media deals in one form or another, Tottenham Hotspur has retained all of its rights in this regard including all of its Internet-based rights.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>In the long-term, with our rights intact, we believe we can secure greater value than is likely with any media relationship that could be concluded in today&rsquo&#59;s difficult marketplace.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">The Tottenham Hotspur official site (<A href="http://www.spurs.co.uk/"><FONT color=#800080>www.spurs.co.uk</FONT></A>) is managed by BSkyB, and we will continue to work with them to develop this important service.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We believe that it will become an increasingly important medium with which to reach our fan base both in the UK and internationally.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our strategy regarding the use of delayed media rights will become progressively aligned to the ongoing development of our web-site, eventually carrying video streamed highlights of our Premiership games, goals and match reviews and interviews, particularly as the appropriate technology becomes more economically available to the consumer market in the UK.<o:p></o:p></SPAN></FONT><P><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR style="PAGE-BREAK-BEFORE: always&#59; mso-special-character: line-break" clear=all></SPAN></FONT>&nbsp&#59;<P class=MsoNormal style="TEXT-ALIGN: justify">&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT><P class=MsoHeading9><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'"><SPAN style="mso-bidi-font-size: 10.0pt">Youth<o:p></o:p></SPAN></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Our Community Project, providing training for youngsters, has been running for three successful years. Additionally, we joined the national Football in the Community Scheme (&lsquo&#59;FITC&rsquo&#59;). A new initiative for the scheme is the creation of a forum which will involve local school heads and representatives from Haringey Council. Our new partnership with FITC will now enable us to run additional free coaching schemes and reach a wider range of youngsters.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our Junior Membership continues to enjoy good support.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoHeading9><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'"><SPAN style="mso-bidi-font-size: 10.0pt">Families<o:p></o:p></SPAN></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">I am delighted that we have increased our family matches to six games this season, each with concessionary prices available in various parts of the ground. Youth and families continue to be important audiences for the Club and our current activities and ticket pricing policies reflect this.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Supporter Forums<o:p></o:p></SPAN></FONT></B><P class=MsoNormal style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">We have also seen improved dialogue with the newly created Tottenham Hotspur Supporters Trust and Supporters Clubs (nationally and internationally). We look forward to this continuing to the mutual benefit of the fans and the Club.<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR style="PAGE-BREAK-BEFORE: always" clear=all></SPAN></FONT>&nbsp&#59;<P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Finance<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Additional recommendations, of a longer-term nature, are now with the Board for further investigation to address a number of challenges that confront our Club both now and in the future.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>It is imperative to maintain a firm control of costs.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>At the same time we must generate revenue streams to enable us to maintain a competitive playing squad that in turn will enhance the former.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>It is no secret that they drive each other but it must be done carefully and responsibly.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">I have outlined two significant investment initiatives, the Spurs Academy and the Stadium that are, in the main, projects of a long-term nature and as such, we continue to be mindful of the investment required to take them through to completion.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our Balance Sheet remains strong and there are also a number of potential funding routes available to the Company that the Board will take into consideration in the future as and when it becomes appropriate to do so.<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: justify"><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT></B><H4><B><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-bidi-font-weight: bold">Outlook<o:p></o:p></SPAN></FONT></B></H4><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">The company continues to trade in-line with our expectations although we remain mindful of the prevailing difficult economic conditions.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our priority is to continue the solid progress achieved already this year and our aims for the longer-term success of the Club remain undiminished.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN><o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Tottenham Hotspur has a strong and proud heritage and looking to the future, I have two key objectives for the Club: to continue to develop and strengthen our ability to compete for domestic and European honours and, secondly, to build a strong, clear brand position, nationally and internationally.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We are committed to delivering long term success on and off the pitch and improving shareholder value.<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">We enjoy the support of immensely loyal fans and the Board would like to thank them for their continued support of the Club.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Finally, I would like to thank the staff both on and off the pitch for their committed endeavours since my arrival.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><H4><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Daniel Levy<o:p></o:p></SPAN></FONT></B></H4><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Chairman<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">15th October 2001<o:p></o:p></SPAN></FONT><P><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR style="PAGE-BREAK-BEFORE: always" clear=all></SPAN></FONT>&nbsp&#59;<P class=MsoNormal style="TEXT-ALIGN: center" align=center><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">OPERATING AND FINANCIAL REVIEW</SPAN></FONT></B><FONT size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: center" align=center><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><H4><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Analysis of Results<o:p></o:p></SPAN></FONT></B></H4><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">These results cover the eleven month period to 30<SUP>th</SUP> June 2001 and are compared to the twelve month period ended 31<SUP>st</SUP> July 2000.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>On the revenue side comparisons are still generally valid since the main business of the Football Club does not have a significant income stream in July.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>However, the cost comparisons are distorted and where this is significant I have tried to explain the underlying trend.<o:p></o:p></SPAN></FONT><P class=MsoNormal><B><U><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT></U></B><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Turnover<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Turnover for the eleven month period to June 2001 totalled &pound&#59;48.4m compared to &pound&#59;48.0m in the year to July 2000. <o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Gate receipts for our 19 home league games remain unchanged at &pound&#59;18.3m as a result of the ticket price freeze last season.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Attendances continued to be near capacity for the season at an average of 35,231, against a capacity of 36,226.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Income from our 120 Executive Boxes and 8 Executive Clubs was comparable to the previous year.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Cup gate receipts for the eleven months was &pound&#59;3.2m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>There was no European football this season and we were eliminated from the Worthington Cup in the third round.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our FA Cup run was better, reaching the Semi-Final.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Cup gate receipts in the year to July 2000 of &pound&#59;3.7m included two home UEFA Cup games.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Television and media income of &pound&#59;14.8m (2000 &mdash&#59; 12 months - &pound&#59;13.0m) included seven live appearances on Sky and a merit fee based on twelfth position.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Team performance significantly affects this high margin income stream and last year&rsquo&#59;s figure was inflated by our UEFA Cup TV contract.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Sponsorship revenue fell to &pound&#59;5.6m compared to &pound&#59;6.5m for the year to July 2000.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This income includes our share of central Premier League sponsorship and advertising as well as our own hospitality and matchday sponsorship income.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Matchday hospitality was the main casualty particularly concerning Sunday and Monday matches which are not as popular for corporate entertaining.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">The Merchandising Division experienced a challenging year.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This was the second year under the sponsorship of adidas and Holsten.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>After the hype of year one (the launch of three new kits, Megastore opening, the Harlow store opening and European football), the second year saw turnover fall to &pound&#59;4.1m (2000 - &pound&#59;4.8m), a decrease of 14%. Unaudited turnover for the comparable year to July 2001 stood at &pound&#59;4.4m, a year on year decrease of 9%. The highest growth area is inevitably internet sales and we continue to develop this area.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Other income of &pound&#59;2.3m (2000 - &pound&#59;1.5m) includes catering royalties and income from the White Hart Lane Conference Centre.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The main growth in this area stems from us taking the Executive Box catering &lsquo&#59;in house&rsquo&#59;.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This is now sold directly by the Club (rather than our contract caterers) in an attempt to monitor and improve service and as a result we have seen significant sales increases.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Conferencing continued to perform in line with last year.<o:p></o:p></SPAN></FONT><P><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR style="PAGE-BREAK-BEFORE: always&#59; mso-special-character: line-break" clear=all></SPAN></FONT>&nbsp&#59;<P class=MsoNormal>&nbsp&#59;<FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT><H4><B style="mso-bidi-font-weight: normal"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Cost of Sales<o:p></o:p></SPAN></FONT></B></H4><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Cost of sales excluding player trading, was &pound&#59;32.6m (2000 - &pound&#59;33.9m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>July is the Club&rsquo&#59;s most expensive month due to the payment of the players&rsquo&#59; &lsquo&#59;signing on fees&rsquo&#59; and is obviously excluded from the eleven month figures.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Total staff costs for the eleven months were &pound&#59;25.1m (2000 &mdash&#59; 12 months - &pound&#59;26.2m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The costs associated with the dismissal of George Graham have been provided for within these accounts.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>In addition, the Club has been informed that its share of underfunded pension contributions through the Football League Pension Scheme amounts to &pound&#59;0.3m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This has been provided for in full.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Administrative expenses of &pound&#59;6.4m (2000 - &pound&#59;6.6m) show an annualised increase of 5%.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We have made a full provision for the Strategic Review carried out by David Buchler.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-spacerun: yes">&nbsp&#59;</SPAN><o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Profit Before Player Trading<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Operating profit before player trading amounted to &pound&#59;9.4m (2000 - &pound&#59;7.5m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Net interest payable increased to &pound&#59;0.9m from &pound&#59;0.7m as average bank indebtedness increased marginally.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Player Trading and Amortisation<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">There were no significant player acquisitions during the period, although it is now well documented that we paid compensation of &pound&#59;750,000 to Southampton for the acquisition of our manager Glenn Hoddle.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This amount has been capitalised in line with our accounting policy.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The loss of &pound&#59;0.9m largely relates to the write off of the net book value attributed to George Graham.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Notable player sales during the period were Jose Dominguez to Kaiserslautern, Ruel Fox to West Bromwich Albion and Ramon Vega to Celtic. Total player sales for the period were &pound&#59;1.2m.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Amortisation of &pound&#59;11.1m (2000 - &pound&#59;11.5m) would be &pound&#59;12.0m on an annualised basis.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This period included a full charge for Rebrov and Thatcher bought for a combined total of &pound&#59;16.0m last year.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>In addition we have written off the net book value of Willem Korsten (&pound&#59;832,000) whose professional career was unfortunately ended prematurely by persistent hip problems.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The transfers out of Ginola, Neilsen and Fox helped to limit the increase.<o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-spacerun: yes">&nbsp&#59;</SPAN><o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Following the period end we sold Ian Walker and Luke Young at a combined profit of &pound&#59;5.5m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>They were both players who came through our youth system successfully.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN><o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Tax<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">A total tax credit of &pound&#59;1.1m is recorded on a loss before tax of &pound&#59;3.5m.<B><U><SPAN style="FONT-WEIGHT: bold"><o:p></o:p></SPAN></U></B></SPAN></FONT><P class=MsoNormal style="TEXT-ALIGN: right" align=right><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoFooter style="tab-stops: .5in center 3.0in right 6.0in"><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Dividends<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">No dividend is proposed.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The Chairman has explained the dividend policy earlier in his statement.<o:p></o:p></SPAN></FONT><P><B><U><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; FONT-FAMILY: 'Times New Roman'&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR style="PAGE-BREAK-BEFORE: always&#59; mso-special-character: line-break" clear=all></SPAN></FONT></U></B>&nbsp&#59;<P class=MsoNormal>&nbsp&#59;<B><U><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN></FONT></U></B><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Balance Sheet<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Net assets have decreased by &pound&#59;2.4m to &pound&#59;38.9m.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">The most evident movement relates to intangible assets which have fallen to &pound&#59;24.9m (2000 - &pound&#59;36.5m) mainly as a result of the amortisation charge described above.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Debtors were &pound&#59;7.6m (2000 - &pound&#59;10.5m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Last year&rsquo&#59;s amount contained debtors relating to player sales made just before the year end.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Creditors falling due within one year have decreased to &pound&#59;34.5m (2000 - &pound&#59;45.0m) largely due to reduced commitments on player purchases, reduced trade creditors and a lower overdraft at the period end.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>At 30<SUP>th</SUP> June 2001 the Group had bank debts of &pound&#59;15.6m compared to &pound&#59;23.4m at 31<SUP>st</SUP> July 2000.<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT><P class=MsoNormal><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">The Group adopts a prudent approach to surplus cash and invests only with highly rated institutions.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Cash investment has been rare during the period and most of the time we have run an overdraft with our clearing bank Lloyds TSB.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>For the period under review, ongoing capital expenditure and player acquisitions have been financed from our operating profit.<o:p></o:p></SPAN></FONT><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></FONT></B><P class=MsoNormal><B><FONT face="Times New Roman" size=3><SPAN style="FONT-WEIGHT: bold&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">Capital Investment<o:p></o:p></SPAN></FONT></B><P class=MsoNormal>