Daniel Levy, chairman of Spurs, was full of optimism despite the club announcing an overall financial loss in the last 12 months.

Spurs made a £6.6m loss after tax for the year ending 30 June 2010 but revenues rose by £119.8m.

Levy said: "This period has seen the club produce a record turnover and a 23 per cent increase in operating profit.

"We are benefiting now from our investment to date in the first-team squad."

Spurs' best-ever Premier League finish of fourth boosted broadcast revenues and ensured every one of its home matches was sold out

"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.

"I would like to commend everyone at the club for their continued hard work and thank our supporters for their magnificent support both home and away throughout the season."