April 2 (Bloomberg) -- Tottenham Hotspur could move into a bigger stadium as early as 2017, the English Premier League soccer team said as it said it had a 2013 fiscal year profit of 1.5 million pounds ($2.5 million).
Chairman Daniel Levy said that a new arena is “critical” to its ambitions because the north London team’s current 36,000-seat White Hart Lane is the smallest among the top 20 European clubs, crimping its revenue.
“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 later this year which will make a stadium opening date of summer 2017 feasible,” Levy told the club website.
Tottenham posted a profit for the year through June 2013 on sales of 147.4 million pounds, compared to a 4.7 million pound loss for the year earlier period.
Prize money from domestic competitions and the Europa League increased by 14 percent to 11.3 million pounds, Tottenham said. Premier League ticket sales rose by 4 percent to 22.2 million pounds.
Sponsorship and corporate hospitality income rose by 6 percent. On Feb. 13, Spurs and AIA Group Ltd. agreed on a new sponsorship deal, starting next season, under which the Hong Kong-based insurer’s logo will be on team jerseys in all competitions for five years.
Tottenham submitted a planning application for a stadium with 20,000 more seats adjacent to White Hart Lane, its home since 1899, in October 2009. The team has a waiting list of 47,000 fans for season tickets, according to Levy.
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