Final Results

Tottenham Hotspur PLC
26 October 2000


                          TOTTENHAM HOTSPUR PLC
                                                                        
                    PRELIMINARY RESULTS FOR THE YEAR
                          ENDED 31st JULY 2000
                                   
HIGHLIGHTS

-    Turnover increased to £48.0m (1999 - £42.6m)

-    Operating profit before player trading £7.5m (1999 - £8.9m)

-    Profit after tax £0.1m (1999 - £0.8m)

-    No dividend (1999 - £nil)

-    Merchandise revenue up 28% to £4.8m (1999 - £3.8m)

-    £23.4m spent on strengthening playing squad

-    £7.0m received from player disposals

-    Chairman's statement follows


Enquiries:     John Sedgwick, Finance Director - Tottenham Hotspur plc
               020 8365 5026

Press:         Nick Hewer
               07785 317 837
               020 7836 6801

                                    
                          CHAIRMAN'S STATEMENT


Results for the Year Ended 31st July 2000

Following a disappointing year on the pitch it is with some relief that I
report a small profit after tax of £0.1m (1999 - £0.8m).  Turnover
increased 13% to £48.0m (1999 - £42.6m) whilst our operating profit
before amortisation of player contracts remains healthy at £7.5m (1999 -
£8.9m).


Income

We were sold out for most of our League matches and averaged an
attendance of 96% of capacity.  League match receipts increased by £2.4m
to £18.3m.  Season ticket sales for 2000/01 have reached over 19,000, a
new record for the Club.

We were unable to repeat our Cup successes of 1999 when we won the
Worthington Cup and reached the semi-final of the FA Cup.  Our
performances in the UEFA Cup (two rounds), Worthington Cup (two rounds)
and the FA Cup (one round) led to a reduction in Cup income of £2.7m to
£3.7m.  We held four Cup games here at White Hart Lane as against six
last year.

Television income has risen £3.3m to £12.3m (1999 - £9.0m).  Most of this
increase came from our UEFA Cup deal with BskyB.  The Club appeared live
on television six times in the Premier League, the same as last year.

Sponsorship income grew 10% to £6.7m (1999 - £6.1m) largely as a result
of our new deals with our partners adidas and Holsten.

Merchandise income of £4.8m (1999 - £3.8m) now represents the first full
year of our three-year adidas deal.  The previous year's income included
the first month of trading of our new home kit therefore the figures
reflect not only an absolute increase of 28% but also a strong underlying
trend.

The White Hart Lane Conference Centre was launched in August 1999.
Turnover from this division of £0.5m is included in other income this
year.  This was an encouraging first year.


Expenses

Cost of sales have increased by 20% to £45.4m (1999 - £37.7m).  Within
this category, amortisation on players' contracts has increased by £2.4m
to £11.5m as a result of additions to the squad during the year and a
full year charge relating to purchases of the previous year.

Payroll costs have increased 21% to £26.2m (1999 - £21.7m).

Administrative expenses increased by £1.6m due to a number of factors.
These include costs for the new White Hart Lane Conference Centre,
increased warehouse costs as we expand operations to keep apace with
increased sales and the FA fine of £150,000.

The Football Association fine was levied against the Club for the alleged
misconduct of the players at an away match against Leeds.  We are still
appealing strongly against this decision.


Player Trading

Strengthening of the squad continued with £23.4m spent on the acquisition
of new players.

Player disposals generated £7.0m and a net profit of £4.0m.

Within the profit of £4.0m there is a cost of £1.8m relating to the net
book value of players released on free transfers.


Balance Sheet

Net assets on the balance sheet remain largely unchanged at £41.2m.

Intangible assets have increased by £8.9m as a result of player trading.


Cashflow

The Group generated cash from operating activities of £7.4m.  All of this
cash plus an increase in borrowings was used to fund expenditure on
player acquisitions of £17.6m.  All amounts due from the sale of players
at the end of July will fall into future years. The overall decrease in
cash was £8.8m (1999  -  decrease - £3.6m).


Dividend

Your Board continues to hold the view that any surplus funds are better
used by further re-investment in the Club and therefore there will be no
dividend in respect of this financial year.


Commercial

We are currently seeking planning permission to increase the stadium
capacity to 44,000 by rebuilding the East Stand.  We will not commit to
pursuing this strategy until we feel sure that the additional capacity
will be adequately utilised and we will closely study the effects of more
live televised football from next season.

Our merchandise sales showed good increases last year both on a
comparable basis and from new footage.  This is in contrast to many other
sports replica retailers and clubs reporting a slow down.

Our Internet sales show strong growth potential and this will be helped
by our partnership with BskyB and Planet Football, our new Internet
partners.  Our Internet site is currently registering around seven
million page impressions a month, probably ranking us as one of the most
visited sports sites in the UK.

The White Hart Lane Conference Centre has been well received.  We have
included all the set up costs in this year's figures.  The lack of any
market presence prior to the launch makes the break-even position of the
Centre in the first year very encouraging.

Our long-standing catering contract with Letheby and Christopher is due
to end in May 2001.   We have advertised for tenders and appointed
professional advisers to manage the process.

We continue to develop our presence in the locality through our Football
in the Community scheme.  In addition we are now screening all away
matches (where the away club allows) on our Jumbotron screens at the
stadium and admission is free to children and senior citizens.  In many
cases this will be the only chance they get to see 'live' football in a
stadium and the attraction is evident.


Football

Tenth position in the Premier League and early exits from all Cup
competitions was very disappointing.

Our net spending on transfers this financial year was £16.4m (purchases
£23.4m, sales £7.0m) and we have been the fourth highest net spender in
the Premier League  over the previous five years.

Player acquisitions included Oyvind Leonhardsen, David McEwen, Matthew
Etherington, Simon Davies, Anthony Gardner, Gary Doherty, Sergei Rebrov
and Ben Thatcher.

Player disposals included Moussa Saib, Paolo Tramezzani, Justin
Edinburgh, Espen Baardsen, David Ginola, Peter Crouch and Allan Neilsen.

The Youth Academy is still in its early stages of development and we have
become more aggressive with our identification and registration of
younger players.  We have over 150 boys between the ages of 9-16 who
train on a regular basis at Spurs Lodge.  Our coaches are enthusiastic
and capable of encouraging skilful football.

We are optimistic about the new under 17 intake.  Included amongst these
boys are four schoolboy international players and in the group that will
join next year, we have three players who have already received
international recognition.  Over the last year six of our players
represented their country at under 21 level.

The European Commission will ultimately rule on the system of transfer
fees in this and other European countries.  Let us hope that they take
heed of representations made by the Football Association and the Premier
League.  Clubs must be able to protect their investments otherwise there
will be little point in us making them.


Outlook

The Group is doing everything within its power to maximise revenues, all
of which are ploughed back into strengthening the Club and playing squad.

We are working hard to obtain planning permission to redevelop the East
Stand.  Subject to the European Commission ruling we should begin work on
building a new site for the sole purpose of the Academy.

The Premier League has collectively negotiated a new television deal
taking us up to 2004.  This not only guarantees the clubs more money from
next year but also opens up other sources of income for individual clubs
to develop.

I would like to thank our loyal fans for their invaluable support.  We
are all working towards the same goals - success and long term prosperity
for Tottenham Hotspur.  With patience on all sides I am confident that we
will get there.

     
Sir Alan Sugar
Chairman
25th October 2000


                   Consolidated Profit and Loss Account
                    for the year ended 31st July 2000

                                      2000


                                Operations,
                          excluding player     Player
                                   trading    trading     Total     1999
                         Note        £'000      £'000     £'000    £'000



Turnover                    3       47,974          -    47,974   42,585
                                                                         
Cost of sales                      (33,877)   (11,520)  (45,397) (37,703)
                                   
                                                                         
Gross profit                        14,097    (11,520)    2,577    4,882
                                                                         
Administrative expenses             (6,619)         -    (6,619)  (5,052)
                                   
                                                                         
Operating profit/(loss)     6        7,478    (11,520)   (4,042)    (170)
                                                                         
Profit on disposal of 
registrations                            -      3,987     3,987    1,889
                                     
Profit/(loss) before 
interest and taxation                7,478     (7,533)      (55)   1,719

Net interest payable                                       (702)    (426)
                                                 
(Loss)/profit on ordinary activities
  before taxation                                          (757)   1,293
                                                                         
Tax credit/(charge) on (loss)/profit on
  ordinary activities       4                               815     (447)
                                                 
Profit on ordinary activities
  after taxation                                             58      846
                                                                         
Equity dividends            2                                 -        -
                                                 

Retained profit for the year                                 58      846
                                                 

Earnings per share 
          - basic           5                               0.1p     0.8p
Earnings per share 
          - diluted         5                               0.1p     0.8p

Turnover and operating profit/(loss) all derive from continuing
operations.

A Statement of  Total Recognised Gains and Losses has not been presented
because there were no recognised gains or losses other than as stated in
the Consolidated Profit and Loss Account above.

                             Balance Sheets
                          as at 31st July 2000

                                   Group           Company
                                2000    1999    2000    1999
                               £'000   £'000   £'000   £'000
Fixed assets
Intangible assets             36,533  27,627       -       -

Tangible assets               47,483  46,842  47,424  46,771

Investments                        -       -   1,345   1,345
                             84,016   74,469  48,769  48,116
Current assets
Stocks                         1,051     450   1,051     450
Debtors                       10,541   5,799  11,282   4,376

                              11,592   6,249  12,333   4,826
Creditors:  Amounts 
falling due within one year  (45,038)(32,003)(15,471)(13,544)
Net current liabilities      (33,446)(25,754) (3,138) (8,718)

Total assets less current 
liabilities                   50,570  48,715  45,631  39,398

Creditors:  Amounts 
falling due after more 
than one year                 (8,024) (3,617) (7,014) (3,570)

                              42,546  45,098  38,617  35,828

Provisions for liabilities 
and charges                   (1,302) (3,950)      -       -

Net assets                    41,244  41,148  38,617  35,828
                                        
Capital and reserves
Called up share capital        5,085   5,075   5,085   5,075

Share premium account         11,287  11,259  11,287  11,259

Revaluation reserve            2,668   2,716   2,328   2,376
Profit and loss account       22,204  22,098  19,917  17,118

Equity shareholders' funds    41,244  41,148  38,617  35,828
                                 

                                    
                    Consolidated Cash Flow Statement
                    for the year ended 31st July 2000

                                                  2000             1999
                                   Note     £'000   £'000     £'000   £'000
Net cash inflow from operating
activities                           7              7,433            13,531

Returns on investments and
servicing of finance
Interest received                               9                48
Interest paid                                (455)             (278)
Interest element of finance lease
payments                                     (101)             (196)

Net cash outflow for returns on
investments and servicing of
finance                                              (547)             (426)

UK corporation tax paid (including
advance corporation tax)                           (1,081)             (287)

Capital expenditure and financial
investment
Payments to acquire intangible 
fixed assets                               (17,590)          (13,902)
Receipts from sales of intangible 
fixed assets                                 1,013             1,436
Payments to acquire tangible 
fixed assets                                (2,190)           (2,661)
Receipts from sales of tangible 
fixed assets                                     -                 5
Net cash outflow for capital 
expenditure and financial investment                  (18,767)        (15,122)

Equity dividend paid                                        -            (252)

Cash outflow before use of liquid
resources and financing                               (12,962)         (2,556)

Management of liquid resources
Decrease in short-term deposits                             -             399
Financing
Issue of ordinary share capital                38                  174
Long term bank loan                         5,000                    -
Bank loan repayments                         (250)              (1,000)
Capital element of finance lease
payments                                     (638)                (618)
Net cash inflow/(outflow) from
financing                                               4,150           (1,444)

Decrease in cash                                       (8,812)          (3,601)



                          TOTTENHAM HOTSPUR PLC
                                    
                                    
Notes to the preliminary announcement for the year ended 31st July 2000.

1. The financial information set out on the attached pages does not
   constitute statutory accounts for the years ended 31st July 2000 
   or 31st July 1999 but is derived from those accounts.  Statutory 
   accounts for the year ended 31st July 1999 have been delivered 
   to the Registrar of Companies and those for the year ended 31st 
   July 2000 will be delivered following conclusion of the Company's 
   forthcoming Annual General Meeting.  The auditors have reported on 
   these accounts and their reports are unqualified and did not contain         
   statements under Section 237(2) or (3) of the Companies Act 1985.

   The Financial Statements have been prepared on the basis of the
   accounting policies in the previous year's financial statements.

   Copies of the Report and Accounts will be mailed to shareholders on
   8th November 2000.

2. No dividend payment.

3. Turnover

Turnover, which is all derived from the Group's principal activity, is
analysed as follows:

                                         Year                Year
                                        ended               ended
                                    July 2000           July 1999
                                        £'000               £'000

Gate receipts - Premier League         18,341              15,907
Gate receipts - Cup Competitions        3,737               6,411
Television                             12,321               9,002
Sponsorship                             6,693               6,067
Merchandising                           4,825               3,758
Other                                   2,057               1,440
                                       47,974              42,585
                                             

All turnover derives from activities in the United Kingdom.

4.   Taxation

The total taxation credit of £815,000 comprises a credit in respect of
the current year of £318,000 and a credit in respect of previous years of
£497,000, mostly relating to the benefit of tax losses which were not
previously recognised in deferred tax.

5.   Earnings per share

Earnings per share have been calculated using the weighted average number
of shares in issue in each year.

                                         Year                Year
                                        ended               ended
                                    July 2000           July 1999
                                        £'000               £'000
Profit after taxation                      58                 846

Weighted average number of shares
in issue                          101,613,129         100,951,384

Effect of dilutive potential
ordinary shares
Options                               297,834             445,717
                                  101,910,963         101,397,101
                                     
Basic EPS
Earnings per share                       0.1p                0.8p

Diluted EPS
Earnings per share                       0.1p                0.8p

6.   Operating Loss

This is stated after charging/(crediting) the following:

                                         Year                Year
                                        ended               ended
                                    July 2000           July 1999
                                        £'000               £'000
Depreciation of tangible fixed assets:
- owned                                 1,273               1,134
- leased                                  276                 276
Amortisation of registrations          11,520               9,087
Release of grants - deferred credit      (116)                (50)
Auditors' remuneration and expenses:
- audit fee                                42                  38
- other services                          126                  43
Operating lease rentals:
- land and buildings                      208                 150
- other                                   105                 108

7.   Reconciliation of operating loss to net cash inflow from operating
     activities

                                         Year                Year
                                        ended               ended
                                    July 2000           July 1999
                                        £'000               £'000
Operating loss                        (4,042)                (170)
Depreciation charge                     1,549               1,410
Amortisation of registrations          11,520               9,087
Loss on disposal of tangible 
fixed assets                                -                 237
Increase in stocks                      (601)                (106)
Decrease/(increase) in debtors            958              (1,482)
(Decrease)/increase in creditors       (1,951)              4,555
Net cash inflow from operating 
activities                              7,433              13,531

8.   Reconciliation of net cash flow to movement in net debt

                                   Year ended          Year ended
                                    July 2000           July 1999
                                        £'000               £'000
Decrease in cash in the year          (8,812)              (3,601)
Cash (inflow)/outflow from 
increase in debt and lease financing  (4,112)               1,618
Cash inflow from decrease in
liquid resources                           -                 (399)

Movement in net debt in the year     (12,924)              (2,382)

Net debt at 1st August 1999           (5,402)              (3,020)
Net debt at 31st July 2000           (18,326)              (5,402)