TOTTENHAM Hotspur posted a loss of £4.3m (€5.1m) last season mainly because they did not play in the Champions League.
Spurs played in Europe's elite Champions League competition for the first time in 2010/11 when they reached the quarter-finals before losing to nine-times winners Real Madrid.
Merchandising revenue fell by 4pc but operating costs also dropped 1pc. Media revenues plus sponsorship and corporate hospitality income jumped 10pc.
Profit from operations dropped to £23m from £38m for the year ended June 30 2012.
Chairman Daniel Levy said Tottenham were continuing to work on plans for a new stadium next to their White Hart Lane ground, having already moved into a new 77-acre training centre.
"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. We intend to deliver this to the same high standards of the new training centre..." he added.
The north London club, which hopes a new stadium can make a "crucial contribution" to regenerating the local area, made an operating loss after football trading of £1.6m and a loss for the year, after interest and tax, of £4.3m.