Gareth Bale could head the list of players leaving Tottenham Hotspur if they fail to qualify for next season's Champions League after their chairman admitted a strategy of squad "streamlining".
In comments contained in Spurs' half-year accounts for the six months to 31 December 2010, Daniel Levy told the Stock Exchange that the squad had become unwieldy in recent months. "We have hosted one of the largest squads in the Premier League during this period," he said in his chairman's statement. "It is important to create a healthy balance in any squad between competition for places and for players to play consistently. Whilst this large squad eased our progress in the Champions League, we shall continue to look to streamline our squad where appropriate."
Bale has recently signed a contract, ostensibly tying him to White Hart Lane until 2015. But last Monday the manager, Harry Redknapp, admitted that a world-record bid for the Welshman would lead to his release. At the same time Redknapp expressed his reluctance to countenance any approach for Bale because "we're trying to build the club".
However the financial realities at Tottenham – as displayed by the balance sheet accompanying Levy's remarks – point to straitened circumstances ahead. With eight games remaining in their Premier League season, Spurs are five points adrift of Champions League qualification and risk missing out on Europe's senior club competition next season. That would come at a significant cost for a club who appear to have become rapidly reliant on Champions League revenues.
Starting with the positives, turnover for the six-month period has increased by very nearly 50% to £79.8m. The Champions League group stage brought in £18.4m in extra gate receipts and participation bonuses, with another £3.3m in sponsorship and corporate hospitality. Merchandising went up £1.2m. This all adds up to Champions League-related income growth of £22.9m of the total £26.2m rise in overall revenue. But much of that new money was quickly spent.
During the corresponding six months in 2009, Spurs' operating expenses were £48.6m; last year's interim period showed expenses had reached £61.5m, a net growth in costs of £12.9m. The summary to the accounts states: "[Increases in] operating expenses [were] due in the main to the costs associated with a large squad size."
With other charges such as interest, depreciation and amortisation of player contracts, the club are on a trajectory for a substantial loss next year. And in addition, Spurs have spent £40.7m in transfer and agents' fees.
http://www.guardian.co.uk/football/2011/apr/08/tottenham-gareth-bale-departure
