The economic effect of Tottenham's failure to qualify for the Champions League last season was laid bare as the club announced a loss of £4.3million for the 2011-12 financial year.
Tottenham posted a loss of just over £4million for the year ending June 30, 2012, compared to the profit of £700,000 they recorded the year before, which covered the period when they were competing in the 2010-11 Champions League.
Total club revenue for the year was £144million, 12 per cent lower than the year before, while Spurs said "profit from operations" dropped to £23million from £38million.
Revenues continued to increase on the commercial front, but merchandising fell by four per cent largely due to the lack of Champions League football, which they also failed to secure this season after Chelsea's win in the competition denied them their place among the elite despite finishing fourth last term.
Spurs, who currently sit fourth in the Barclays Premier League, say they are on course to comply with UEFA's financial fair play rules, and this season moved into a new training centre in Enfield which they hope will help them by nurturing home-grown talent.
The club say they have also completed their first step towards building a new stadium adjacent to White Hart Lane which will increase revenue due to greater capacity.
Chairman Daniel Levy said in a statement: "We are ever ambitious for the club, driving all areas of the business and our focus continues to be the delivery of an increased capacity stadium.
"There is much work to be done refining the detailed design and resolving the final development issues.
"We intend to deliver this to the same high standards of the new Training Centre and to reward our incredibly loyal supporters with a world-class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London."