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Tottenham posted a world-record net profit of £113 million in 2017/18 but costs for the club’s new stadium rose above £1 billion, annual accounts showed yesterday.

Spurs opened their state-of-the-art 62 000-capacity home on Wednesday with the hope that increased matchday revenue and an agreement to host NFL games will help the club compete financially with their Premier League rivals.

Total spending on the stadium and club’s training ground passed the £1 billion mark by the end of June 2018. Much of that has been financed by loans. Spurs owed a total of £461 million in the year to the end of June, although the club have since extended their loans by another £100 million.

Net profits nearly tripled from £36 million in the previous year. Overall income climbed from £310 million to nearly £381 million thanks to bigger crowds at their temporary home of Wembley, reaching the last 16 of the Champions League and improved commercial income

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