By Marcus Leach
Tottenham Hotspur Football Club have revealed they will de-list their shares from the stock market to go private in a bid to raise the extra funds needed to finance a new stadium.
The decision comes following the announcement of the club's financial results.
Club chairman Daniel Levy said that de-listing from the AIM exchange would help raise funds as the listing "restricts our ability to secure funding".
Tottenham also reported a profit of £402,000 for the year to 30 of June, helped by Champions League income.
"Having been Chairman for 10 years it was with great pride that we saw the Club enter the elite UEFA Champions League competition during the 2010/2011 Season," Daniel Levy, Chairman of Tottenham Hotspur plc, said.
"To have progressed through to the quarter-finals of that competition, with some magnificent performances along the way, is a validation of our continued investment in our squad.
"Participation in the UEFA Champions League competition and our run to the latter stages has had a significant impact on the Club’s turnover for the year, delivering record revenues of over £163.5m (2010: £119.8m).
"This allowed us to sustain a larger squad and remain competitive in both the League and cup competitions. Whilst we have continued to invest heavily in the squad it should also be noted that we have continued to invest sensibly in other parts of the Club’s future, namely facilities such as the new Training Centre complex and planning for a new stadium, whilst still managing to reduce net debt and continue to maintain a strong balance sheet.
"Ten years ago we set out to create a First Team squad that could compete for the highest honours both domestically and in Europe, to deliver a new Training Centre and an increased capacity stadium. I am delighted to report on the substantial progress we have made in all these areas."
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