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Tottenham Hotspurs profit boosted by best Premier League finish

The north London club, known as Spurs, said on Thursday it made an operating profit, excluding player trading, of £23 million ($36.7 million) in the year to June 30, up from 18 million the year before.

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Soccer club Tottenham Hotspur reported a 23% increase in full-year operating profit, benefiting from increased media and broadcasting revenue and its best ever finish in the English Premier League.

The north London club, known as Spurs, said on Thursday it made an operating profit, excluding player trading, of £23 million ($36.7 million) in the year to June 30, up from 18 million the year before. 

Revenue rose to a record £120 million, as the club sold out tickets to each of its home Premier League matches, gained a higher merit award for finishing fourth in the league and increased sales of merchandise.

"We are benefiting now from our investment to date in the First Team squad. Our challenge is to accrue further benefits from our investment in capital projects in order to lay the strongest foundations for the future stability and prosperity of the club," chairman Daniel Levy said in a statement.

The club said last month it had had plans to redevelop its White Hart Lane stadium approved by its local council but was also interested in leasing the London Olympic stadium after 2012.

Tottenham said on Thursday the estimated cost of redeveloping White Hart Lane had risen by £50 million as a result of amendments to the design, including retaining heritage buildings and constructing a raised piazza.

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