Gutter Boy
Tim Sherwood
Re: Northumberland Development Project
So Timmeh can get a better view for the next match.
So Timmeh can get a better view for the next match.
-
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Tottenham Hotspur Stadium - Licence To Stand
- Thread starter Jordinho
- Start date
Re: Northumberland Development Project
It's a follow up to a post I made a few weekd ago, now the finished article.
It's where the gangway is on some of the drawings.
It's a follow up to a post I made a few weekd ago, now the finished article.
It's where the gangway is on some of the drawings.
ALtottenham_hotspur
Jamie Redknapp
THFC6061
Paul Robinson
Re: Northumberland Development Project
Financial results - Shareholder and Stadium update
New 5-year shirt sponsorship deal
Non-Core Properties Divested
Phase 1 Stadium Development Financed to Completion
£40m Capital Investment
Financial Highlights
Revenue for the year ended 30 June 2013 was £147.4m, an increase of 2% on the prior year (2012: £144.2m).
Profit from operations excluding football trading and before depreciation was £23.4m (2012: £23.0m) for the year ended 30 June 2013. Looking back over the past five years this measure of cash generated from operations has averaged over £25m per annum. Profit for the year after interest and tax was £1.5m (2012: loss £4.3m).
Premier League gate receipts rose by 4% to £22.2m (2012: £21.4m) while gate receipts and prize money from the domestic cup competitions and the UEFA Europa League were 14% higher at £11.3m (2012: £9.9m).
Revenues continued to increase on the commercial front with Sponsorship and Corporate Hospitality revenues increasing by 6% and Merchandising revenues increasing by 5%.
We were delighted to be able to announce, subsequent to this period, a record new shirt partnership with one of the world’s leading insurance companies, AIA, for the next 5 years. AIA is the largest independent, publicly listed Pan-Asian life insurance group and we now have the opportunity to further extend our fan base in the Asian and Oceania continents.
The Club continues to comply with the Financial Fair Play regulations and supported the adoption of similar financial regulations by the Premier League in February 2013.
Stadium and Associated Development Update (Northumberland Development Project “NDP”)
The Club has undertaken a review of its property holdings in order to determine the essential core properties required to deliver the new stadium, with non-core properties, that are excess to requirements, being sold and the proceeds used to pay down debt secured against those properties.
As a result, Phase 1 of the NDP and a number of properties to the west of the High Road have been divested, at arm's length, to a Group company, TH Property Limited a subsidiary of ENIC International (‘’ENIC’’), the Company’s principal shareholder. This has been agreed through a process of independent valuations that has been approved by the Club’s independent Non-Executive Directors.
ENIC has subsequently financed the Phase 1 development through to completion which includes the Supermarket, commercial space and incorporates the northern access podium for the stadium development.
By transferring these non-core sites, the Club continues to be able to determine the development and the nature and setting of the immediate environs around the new stadium, particularly given that Phase 1 will be linked to the stadium podium, whilst additionally securing space in the Phase 1 building for the Club’s staff and project team ahead of the start of construction of the stadium.
In respect of the next stage of the new stadium process, a Public Inquiry was held in April 2013 relating to the last remaining property to be acquired so that we can move forward with completing land assembly and we currently await the Secretary of State’s decision on the Compulsory Purchase Order (‘’CPO’’). During the delay in land acquisition, we have continued to progress the stadium finance plans with advice from N M Rothschild.
It is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of Summer 2017 feasible.
We welcome the ongoing commitment from, and continue to work closely with, National Government, the Greater London Authority and Haringey Council, to deliver regeneration and make Tottenham a better place to live, work, study, play and visit – a vision supported in the newly adopted Tottenham Strategic Regeneration Framework.
Fundraising
In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course.
The sale of the properties has extinguished the Club's property borrowing which had accumulated over the last decade - a decade which has seen the club acquire over 18 acres of land, successfully relocate 72 businesses, with the majority staying in the area, and invest in excess of £100m in the stadium project.
The finance has ensured that, throughout the CPO process, the ongoing costs of design development, pre-construction works and the costs associated with the CPO itself, have not affected the progress of this project.
Importantly, this support leaves the Club in a position where it currently has negligible net debt and has financing for the material ongoing costs of taking the stadium project to the next stage. It has always been important that the daily operations and football side of the Club remain unaffected and that the Club has the stability to enable the Board to move the project forward with confidence.
Chairman, Daniel Levy, commented,
"Our financial position is key to ensuring we can continue to thrive both on and off the pitch and we have taken the necessary, prudent steps to ensure that we are in a secure financial position as we move forward.
“At the time of this announcement, we are in sixth position in the Premier League and it has been another season when the top four places have been fiercely contested by at least seven teams. It is no surprise that the English Premier League is the most watched League in the world as every season the fight for a top four UEFA Champions League place becomes more competitive.
“We have come far in the last decade - we have raised our expectations from a Club aiming to be in the top half of the table, to competing in Europe each season - to the point at which we find ourselves disappointed if we don't make Champions League.
“This season we have had to make significant changes, both in respect of coaching and playing staff and yet we are currently only two points less than last season’s tally. Whilst this season’s performances and results have not lived up to expectation, we believe our squad has potential and it is important that we all now show commitment and teamwork to get the best possible finish to the season.
“We have fantastic, strong support. Our current 36,000 seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000. We cannot stress strongly enough how critical the new stadium is over the long-term to these raised expectations. We have the smallest capacity stadium of any club in the top 20 clubs in Europe, let alone the current top four Premier League clubs, and given we now operate within UEFA Financial Fair Play rules, an increased capacity stadium and associated revenues is fundamental to supporting the future ambitions and consistent achievement at the top of the game.
“Our focus therefore is to continue to invest in and develop the squad - we shall not look to a summer of major upheaval, but rather to strengthen in key positions - to play the style of football for which we are famous - and to deliver the new stadium.
“The new stadium is a landmark project, of importance not just for our Club , but to the regeneration of an area which has been our home for more than 132 years and to London as a whole. It will be a key regenerative component of the local economy and a significant tourist attraction in its own right.
“To anyone visiting Tottenham today, our commitment to delivering the new stadium project and associated regeneration is clear for all to see - Phase 1 is built, the Club-sponsored Tottenham University Technical College is due to open this Summer, 447 jobs have been delivered to date and some 9 acres have been cleared in readiness for the stadium development. We eagerly await the outcome of the CPO decision by the Department of Communities and Local Government.
“We are optimistic for the long-term future and believe our efforts will make this great Club even greater over time. Our supporters are our life-blood and we shall ensure that they are our most important stakeholder as we move forward."
Financial results - Shareholder and Stadium update
New 5-year shirt sponsorship deal
Non-Core Properties Divested
Phase 1 Stadium Development Financed to Completion
£40m Capital Investment
Financial Highlights
Revenue for the year ended 30 June 2013 was £147.4m, an increase of 2% on the prior year (2012: £144.2m).
Profit from operations excluding football trading and before depreciation was £23.4m (2012: £23.0m) for the year ended 30 June 2013. Looking back over the past five years this measure of cash generated from operations has averaged over £25m per annum. Profit for the year after interest and tax was £1.5m (2012: loss £4.3m).
Premier League gate receipts rose by 4% to £22.2m (2012: £21.4m) while gate receipts and prize money from the domestic cup competitions and the UEFA Europa League were 14% higher at £11.3m (2012: £9.9m).
Revenues continued to increase on the commercial front with Sponsorship and Corporate Hospitality revenues increasing by 6% and Merchandising revenues increasing by 5%.
We were delighted to be able to announce, subsequent to this period, a record new shirt partnership with one of the world’s leading insurance companies, AIA, for the next 5 years. AIA is the largest independent, publicly listed Pan-Asian life insurance group and we now have the opportunity to further extend our fan base in the Asian and Oceania continents.
The Club continues to comply with the Financial Fair Play regulations and supported the adoption of similar financial regulations by the Premier League in February 2013.
Stadium and Associated Development Update (Northumberland Development Project “NDP”)
The Club has undertaken a review of its property holdings in order to determine the essential core properties required to deliver the new stadium, with non-core properties, that are excess to requirements, being sold and the proceeds used to pay down debt secured against those properties.
As a result, Phase 1 of the NDP and a number of properties to the west of the High Road have been divested, at arm's length, to a Group company, TH Property Limited a subsidiary of ENIC International (‘’ENIC’’), the Company’s principal shareholder. This has been agreed through a process of independent valuations that has been approved by the Club’s independent Non-Executive Directors.
ENIC has subsequently financed the Phase 1 development through to completion which includes the Supermarket, commercial space and incorporates the northern access podium for the stadium development.
By transferring these non-core sites, the Club continues to be able to determine the development and the nature and setting of the immediate environs around the new stadium, particularly given that Phase 1 will be linked to the stadium podium, whilst additionally securing space in the Phase 1 building for the Club’s staff and project team ahead of the start of construction of the stadium.
In respect of the next stage of the new stadium process, a Public Inquiry was held in April 2013 relating to the last remaining property to be acquired so that we can move forward with completing land assembly and we currently await the Secretary of State’s decision on the Compulsory Purchase Order (‘’CPO’’). During the delay in land acquisition, we have continued to progress the stadium finance plans with advice from N M Rothschild.
It is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of Summer 2017 feasible.
We welcome the ongoing commitment from, and continue to work closely with, National Government, the Greater London Authority and Haringey Council, to deliver regeneration and make Tottenham a better place to live, work, study, play and visit – a vision supported in the newly adopted Tottenham Strategic Regeneration Framework.
Fundraising
In addition to acquiring the non-core properties and financing the Phase 1 build, ENIC has supported the Club by way of an interest free, unsecured loan of £40m. This loan will be converted, subject to shareholder approval, into non-voting preference share capital. A circular will be dispatched to shareholders in due course.
The sale of the properties has extinguished the Club's property borrowing which had accumulated over the last decade - a decade which has seen the club acquire over 18 acres of land, successfully relocate 72 businesses, with the majority staying in the area, and invest in excess of £100m in the stadium project.
The finance has ensured that, throughout the CPO process, the ongoing costs of design development, pre-construction works and the costs associated with the CPO itself, have not affected the progress of this project.
Importantly, this support leaves the Club in a position where it currently has negligible net debt and has financing for the material ongoing costs of taking the stadium project to the next stage. It has always been important that the daily operations and football side of the Club remain unaffected and that the Club has the stability to enable the Board to move the project forward with confidence.
Chairman, Daniel Levy, commented,
"Our financial position is key to ensuring we can continue to thrive both on and off the pitch and we have taken the necessary, prudent steps to ensure that we are in a secure financial position as we move forward.
“At the time of this announcement, we are in sixth position in the Premier League and it has been another season when the top four places have been fiercely contested by at least seven teams. It is no surprise that the English Premier League is the most watched League in the world as every season the fight for a top four UEFA Champions League place becomes more competitive.
“We have come far in the last decade - we have raised our expectations from a Club aiming to be in the top half of the table, to competing in Europe each season - to the point at which we find ourselves disappointed if we don't make Champions League.
“This season we have had to make significant changes, both in respect of coaching and playing staff and yet we are currently only two points less than last season’s tally. Whilst this season’s performances and results have not lived up to expectation, we believe our squad has potential and it is important that we all now show commitment and teamwork to get the best possible finish to the season.
“We have fantastic, strong support. Our current 36,000 seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000. We cannot stress strongly enough how critical the new stadium is over the long-term to these raised expectations. We have the smallest capacity stadium of any club in the top 20 clubs in Europe, let alone the current top four Premier League clubs, and given we now operate within UEFA Financial Fair Play rules, an increased capacity stadium and associated revenues is fundamental to supporting the future ambitions and consistent achievement at the top of the game.
“Our focus therefore is to continue to invest in and develop the squad - we shall not look to a summer of major upheaval, but rather to strengthen in key positions - to play the style of football for which we are famous - and to deliver the new stadium.
“The new stadium is a landmark project, of importance not just for our Club , but to the regeneration of an area which has been our home for more than 132 years and to London as a whole. It will be a key regenerative component of the local economy and a significant tourist attraction in its own right.
“To anyone visiting Tottenham today, our commitment to delivering the new stadium project and associated regeneration is clear for all to see - Phase 1 is built, the Club-sponsored Tottenham University Technical College is due to open this Summer, 447 jobs have been delivered to date and some 9 acres have been cleared in readiness for the stadium development. We eagerly await the outcome of the CPO decision by the Department of Communities and Local Government.
“We are optimistic for the long-term future and believe our efforts will make this great Club even greater over time. Our supporters are our life-blood and we shall ensure that they are our most important stakeholder as we move forward."
greatwhitenorf
Edgar Davids
Re: Northumberland Development Project
It's hard not to like the overall scheme of things as presented in this report. It may not be a blazingly fast transformation, but there's no app for that yet.
Just unfashionable, unglamourous and relentless progress. And profit, to boot. Despite all the on-field shenanigans, we're a very well run club and we could do massively worse than Daniel Levy.
The entertainment factor would have been so much higher had Levy succeeded in his bid to buy Upton Park.
It's hard not to like the overall scheme of things as presented in this report. It may not be a blazingly fast transformation, but there's no app for that yet.
Just unfashionable, unglamourous and relentless progress. And profit, to boot. Despite all the on-field shenanigans, we're a very well run club and we could do massively worse than Daniel Levy.
The entertainment factor would have been so much higher had Levy succeeded in his bid to buy Upton Park.
THFC6061
Paul Robinson
Re: Northumberland Development Project
We'll just have to settle for Brisbane Road, I suppose.
We'll just have to settle for Brisbane Road, I suppose.
Finney Is Back
Luka Modric
Re: Northumberland Development Project
What are all your thoughts on this?....
Purchasing the properties during a rising property market that is predicted to carry on rising for a few more years and also purchasing them at independent valuations set now, when (presumably) the property will be worth a lot more after the regeneration has taken place. Is this good for THFC or ENIC?
On another note I guess it is good to see them put up a £40 million unsecured loan. Seems as though they really are now just waiting for a successful CPO decision on Archway Steel on Paxton road to get started.
I also wonder whether the AIA sponsorship being such a long one indicates that they will also be sponsoring the stadium?
What are all your thoughts on this?....
Purchasing the properties during a rising property market that is predicted to carry on rising for a few more years and also purchasing them at independent valuations set now, when (presumably) the property will be worth a lot more after the regeneration has taken place. Is this good for THFC or ENIC?
On another note I guess it is good to see them put up a £40 million unsecured loan. Seems as though they really are now just waiting for a successful CPO decision on Archway Steel on Paxton road to get started.
I also wonder whether the AIA sponsorship being such a long one indicates that they will also be sponsoring the stadium?
Spur of the moment
Frederic Kanoute
Re: Northumberland Development Project
It is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of Summer 2017 feasible.
H'mm .. sounds quite a big IF to me. :-k
It is a major development that will present ongoing challenges and subject to these challenges being manageable we anticipate going out to tender for construction late this year which will make a stadium opening date of Summer 2017 feasible.
H'mm .. sounds quite a big IF to me. :-k
Gutter Boy
Tim Sherwood
Re: Northumberland Development Project
This is pretty big news isn't it?
A fairly concrete announcement that building work will start in early 2015 and the stadium will open in just over 3 years' time.
It sounds like finances are sorted anyway, and the challenges related to planning matters?
This is pretty big news isn't it?
A fairly concrete announcement that building work will start in early 2015 and the stadium will open in just over 3 years' time.
It sounds like finances are sorted anyway, and the challenges related to planning matters?
New stadium 2007
Tottenham are planning to move into a new stadium by the summer of 2017.
Alongside the club's financial results for the year ending 30 June 2013, it was revealed that plans to move from White Hart Lane in three years' time are realistic.
A statement on the club's official website read: "It is a major development that will present ongoing challenges and, subject to these challenges being manageable, we anticipate going out to tender for construction late this year which will make a stadium opening date of summer 2017 feasible."
The club are waiting on the outcome of a public inquiry that was held last April before they can move forward with completing the land assembly.
This has delayed the acquisition of the remaining property needed for the land to build the stadium and they are waiting on the decision from Eric Pickles, the Secretary of State for Communities and Local Government, on the Compulsory Purchase Order (CPO).
Chairman David Levy said in a statement on the website: "We have fantastic, strong support. Our current 36,000-seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000. We cannot stress strongly enough how critical the new stadium is over the long-term to these raised expectations.
http://www1.skysports.com/football/...white-hart-lane-to-new-stadium-by-summer-2017
http://www.tottenhamhotspur.com/news/financial-results-shareholder-and-stadium-update-020414/
Tottenham are planning to move into a new stadium by the summer of 2017.
Alongside the club's financial results for the year ending 30 June 2013, it was revealed that plans to move from White Hart Lane in three years' time are realistic.
A statement on the club's official website read: "It is a major development that will present ongoing challenges and, subject to these challenges being manageable, we anticipate going out to tender for construction late this year which will make a stadium opening date of summer 2017 feasible."
The club are waiting on the outcome of a public inquiry that was held last April before they can move forward with completing the land assembly.
This has delayed the acquisition of the remaining property needed for the land to build the stadium and they are waiting on the decision from Eric Pickles, the Secretary of State for Communities and Local Government, on the Compulsory Purchase Order (CPO).
Chairman David Levy said in a statement on the website: "We have fantastic, strong support. Our current 36,000-seater stadium sells out and the waiting list for season ticket holders is currently in excess of 47,000. We cannot stress strongly enough how critical the new stadium is over the long-term to these raised expectations.
http://www1.skysports.com/football/...white-hart-lane-to-new-stadium-by-summer-2017
http://www.tottenhamhotspur.com/news/financial-results-shareholder-and-stadium-update-020414/
SUIYHA
Scott Parker
We tried to buy Upton Park???
April fool's was yesterday!
http://www.dailymail.co.uk/sport/fo...ed-ambitious-bid-buy-Upton-Park-West-Ham.html
April fool's was yesterday!
http://www.dailymail.co.uk/sport/fo...ed-ambitious-bid-buy-Upton-Park-West-Ham.html
chancer
Gudni Bergsson
Re: New stadium 2007
There's already a thread stickied on this: http://www.glory-glory.co.uk/showthread.php/3795-Northumberland-Development-Project
Locked.
There's already a thread stickied on this: http://www.glory-glory.co.uk/showthread.php/3795-Northumberland-Development-Project
Locked.
Grays_1890
Chris Jones
Re: Northumberland Development Project
I understand its the steel works guy that will not sell so the club will put in a compulsory purchase order on him.
The club then need to decide if they should stay at WHL whilst they build around the existing ground which will reduce capacity OR move out (probably why they looked at Upton Park as they could have used it for the 2/3 years and then sold it as an investment).
Good news is that due to the season ticket waiting list financial backing is the easy part.
I understand its the steel works guy that will not sell so the club will put in a compulsory purchase order on him.
The club then need to decide if they should stay at WHL whilst they build around the existing ground which will reduce capacity OR move out (probably why they looked at Upton Park as they could have used it for the 2/3 years and then sold it as an investment).
Good news is that due to the season ticket waiting list financial backing is the easy part.
jts1882
Dean Richards
Re: Northumberland Development Project
Less of an if than the standard we continue to make progress on the stadium.
This is an official statement for share holders and, even if they are largely talking to themselves as owners, they have to accurately portray risks and challengers. So any statement on the stadium has to be made with caveats. One challenge is the CPO, although I imagine they known the answers, and then they have the financing and changes to the planning permission. If they expected any major problem with these steps, I would have expected a stronger qualification. Levy tends the err on the non-committal side.
I think this means that the financing has been arranged in principle, with only final details to be made. The property juggling seems part of this. I'd expect no certain announcement, though, and that when the CPO is announced we will have a revised planning application submitted, with the financing officially still being "viabilized" to keep Haringey on their toes.
Less of an if than the standard we continue to make progress on the stadium.
This is an official statement for share holders and, even if they are largely talking to themselves as owners, they have to accurately portray risks and challengers. So any statement on the stadium has to be made with caveats. One challenge is the CPO, although I imagine they known the answers, and then they have the financing and changes to the planning permission. If they expected any major problem with these steps, I would have expected a stronger qualification. Levy tends the err on the non-committal side.
I think this means that the financing has been arranged in principle, with only final details to be made. The property juggling seems part of this. I'd expect no certain announcement, though, and that when the CPO is announced we will have a revised planning application submitted, with the financing officially still being "viabilized" to keep Haringey on their toes.
Armenia Spur
Steven Caulker
Re: Northumberland Development Project
Presumably this timescale will be for a part finished stadium? And I hope theres a redesign, the design already looks dated and its always struck me as looking almost exactly the same as the Emirates
Presumably this timescale will be for a part finished stadium? And I hope theres a redesign, the design already looks dated and its always struck me as looking almost exactly the same as the Emirates
Re: Northumberland Development Project
I'd love us to have something that is a bit unique, rather than a standard new stadium like Wembley and the emirates.
I'd love us to have something that is a bit unique, rather than a standard new stadium like Wembley and the emirates.
Re: Northumberland Development Project
It's probably back in the archives somewhere, but if I recall we spent a lot of time with the inside, seat to pitch distances, etc. Not sure how people think it looks like Wembley or Emirates, but not too worried at this point. 58K here we come
It's probably back in the archives somewhere, but if I recall we spent a lot of time with the inside, seat to pitch distances, etc. Not sure how people think it looks like Wembley or Emirates, but not too worried at this point. 58K here we come
