Premier Football Club Tottenham spent £119.3 million on strengthening its squad in 2009.

Premier football team Tottenham Hotspur (Spurs) has announced record profit before tax for the 12 months to 30 June 2009 of £33.4 million, an increase of £30m compared to 2008.

The London-based team said its robust financial results are attributable to prudent financial management and the “unwavering loyalty of supporters.”

Currently fourth in the Premiership, the club said it made a record player trading profit of £56.5m, compared to just £16.4m in 2008. Spurs said the funds have been put towards strengthening its squad and it has spent a total of £119.3m, doing so.  

The club said that domestic TV revenues have helped to boost income, but a fall in merchandising revenues and Cup competition receipts meant that revenues have fallen slightly from £114.8m in 2008 to £113m in 2009.

A drop in the revenue it receives from leasing its corporate boxes and lounge memberships has been blamed on the recession.

Commenting, Daniel Levy, Chairman of Tottenham, said:”We have made significant progress in delivering on our long-term vision for the Club. We have always had three key priorities and you will have heard them oft repeated - investment in the First Team, a new Training Centre and an increased capacity state-of the-art new stadium.

“We have assembled what we believe to be one of the most talented squads we have had during our time in the Premier League, the ground is being turned and pitches laid for the new Training Centre at Bulls Cross in Enfield and we have submitted a planning application for a stunning new stadium on a site next to our existing stadium.”

Tottenham said it has received positive feedback from fans and the local community over plans to build a new state-of-the-art 56,000 capacity stadium next to its current home at White Hart Lane, which it hopes will be ready by 2012.