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The club cite a lack of top-level European competition as the reason behind a drop in profits for the financial year 2011-12, with chairman Daniel Levy prioritising a new stadium

Tottenham have posted losses of £4.3 million for the financial year 2011-12, with their absence from the Champions League cited as the key factor.

The club's revenues slipped by 12 per cent to £144m, with the team having failed to qualify for Europe's premier club competition for two consecutive seasons.

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Commenting on the loss chairman Daniel Levy said that Spurs' financial priority is to leave White Hart Lane for a larger stadium in order to boost income.

He told the club's official website: "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 [opened in July 2012] 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."

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