Interim Results

Tottenham Hotspur PLC
16 March 2001


Date: 16 March 2001

Enquiries:

John Sedgwick, Finance Director               Tel: [phone]

Tottenham Hotspur plc

                            Tottenham Hotspur plc

         Preliminary Results for the six months ended 31 January 2001

Summary of Results
                                               Six Months         Six Months
                                                    Ended              Ended
                                        31st January 2001  31st January 2000
                                                       £m                 £m

Turnover                                             27.8               29.8
Operating profit before player trading                7.1                8.6
Profit before tax                                     0.9                2.0

EPS                                                  0.6p               1.4p

  * ENIC plc take shareholding to 29.9%. Sir Alan Sugar reduces shareholding
    to 13% and resigns from Board.
  * Daniel Levy appointed Non-Executive Chairman. David Buchler appointed
    Executive Vice-Chairman with a brief to undertake an exhaustive review of
    the Company over six months.
  * Revenue and profits lower against previous period as a result of no
    European competition.
  * Spurs through to Semi-Final of FA Cup.



Commenting, Daniel Levy, Non-Executive Chairman of Tottenham Hotspur plc,
said:

'On completion of our strategic review later in the year, I will be in a much
better position to communicate our view of the future. In the long term we are
committed to enhancing shareholder value by returning Tottenham Hotspur to the
higher echelons of the football world.

We are delighted to have reached the Semi-Final of the FA Cup to be played
next month. A place in the Final would give us an outstanding chance of
European football next season.'


                             CHAIRMAN'S STATEMENT

Introduction

ENIC plc concluded its purchase of 27.4m Tottenham Hotspur plc ordinary shares
from Sir Alan Sugar on 28 February 2001. This takes ENIC's shareholding in
Tottenham Hotspur plc to 29.9%. Following the completion of this transaction,
I have been appointed non-executive Chairman and David Buchler has been
appointed executive Vice-Chairman. The Board's intention is to conduct a
thorough and exhaustive review of the Club and business over the next six
months. David Buchler is heading up that review and will report to the Board
in stages, culminating with his conclusions and recommendations later in the
year.

Sir Alan Sugar has resigned his position as Chairman and Director. I would
like to thank Sir Alan for his hard work and considerable achievements at the
Club over the past ten years. In addition, Sam Chisholm and Claude Littner
have also stepped down as non-executive directors and I thank them for their
contributions also.

Since my tenure here has been only a matter of days so far, I will restrict my
comments to a factual review of the period in question.

Results

The reporting period is the six months ended 31 January 2001.

Turnover at £27.8m (2000 - £29.8m) is 7% down on the same period last year.
The major factor influencing this and profits was the absence of European
football which is a high margin income stream. Operating profit fell by £1.7m
to £1.3m (2000 - £3.0m) and profit before tax fell to £0.9m compared to £2.0m
for the same period last year.

Premier League gate receipts increased 14% to £11.8m (2000 - £10.4m)
principally due to the Club having played one more home match (12) compared to
the same stage last year (11), attendances on the whole being restricted by
capacity. Gate receipts from all cup competitions fell by £2.0m to £1.6m (2000
- £3.6m). Our involvement in the UEFA Cup in 1999 gave us two additional home
cup games in the comparable period last year which accounts for £1.8m. The FA
Cup reverted back to its traditional timetable this year, which led to only
one tie falling into this reporting period.

Television and radio income has fallen by 4% to £7.5m (2000 - £7.8m). In the
comparable period last year we received a significant amount in television
fees associated with our UEFA Cup involvement. This shortfall for the current
reporting period has been mostly compensated for by increased income from the
domestic TV contract.

Sponsorship income has fallen by 11% to £3.3m (2000 - £3.7m). Part of this
reflects the second year of our sponsorship agreement with adidas and the
launch of only one new kit compared to two last year. Matchday sponsorship and
hospitality has fallen to £0.8m (2000 - £1.1m). The introduction of our new
Spurs web site has generated an additional £0.2m during this six months.

The Merchandise Division has underperformed compared to last year with
turnover falling by 25% to £2.6m (2000 - £3.5m). Last year's turnover was
unusually high due to a number of factors: new sponsors - adidas and Holsten;
launch of two new kits; opening of the new Megastore at White Hart Lane; and
Spurs' competing in European football. There was a significant downturn in
sales following the team's poor second half of the season last year and this
has continued into the six months to 31st January 2001. Whilst there is room
for improvement in our merchandise offer, sales are driven primarily by
success on the pitch and we must ensure that we are positioned to take full
advantage of this.

Cost of sales before amortisation of players' contracts shows a 4% saving at £
17.1m (2000 - £17.9m) due mainly to savings in costs associated with the UEFA
Cup games (1999) and the reduction in line with turnover of cost of sales in
merchandising. The costs of the Playing Department remain largely unchanged.

Amortisation of players' contracts has increased by 5% to £5.8m (2000 - £
5.5m). New additions to the squad during 1999/2000 account for additional
amortisation of £1.8m whilst players leaving the Club during 1999/2000 have
removed £1.6m from the charge compared to the same period last year. Three
players were transferred out of the Club during the reporting period for a
total value approximating to their net book values, leaving no significant
profit or loss.

The interest charge has risen to £442,000 (2000 - £165,000). Corporation tax
has been provided at an effective rate of 31%, £278,000 (2000 - £623,000).

Our balance sheet remains healthy, showing net assets of £41.9m.

Dividend and Corporate Governance

The Board of Directors is carrying out a review of the effectiveness of
internal controls, both financial and non-financial and a detailed assessment
of the risks that the Company faces. It will also review the construction of
the Board itself with a view to complying with the best practice of Corporate
Governance. The Board has not proposed an interim dividend (2000 - nil). The
dividend policy will form part of the review.

Football

Results on the pitch have not been satisfactory for many years. A Club of this
size and stature needs and deserves to be consistently challenging for major
honours, domestically and abroad. Your Board of Directors is committed to
developing a strategy to this end. It will take us some time to assess the
current situation regarding the first team squad and it would be wrong to opt
for short term fixes. The implications of changes to the transfer system need
to be assessed and the situation is still by no means clear.

Ruel Fox, Ramon Vega and Jose Dominguez left us at the start of this season
and we wish them well with their new clubs.

Sol Campbell, Darren Anderton and Les Ferdinand are three of our senior
players whose contracts expire at the end of the season. The Board is
committed to keeping the best of our talented players as well as enhancing the
first team squad. We will continue to develop our youth policy through the
Premier League Academy scheme, which has served the Club well. The scouting
system both here and abroad will be reviewed.

Outlook

On completion of our strategic review later in the year, I will be in a much
better position to communicate our view of the future. In the long term we are
committed to enhancing shareholder value by returning Tottenham Hotspur to the
higher echelons of the football world.

We are delighted to have reached the Semi-Final of the FA Cup to be played
next month. A place in the Final would give us an outstanding chance of
European football next season.


Daniel Levy
Chairman
16 March 2001

                     Consolidated Profit and Loss Account

                  for the six months ended 31st January 2001

                      Six months ended 31st January 2001

                                  Operations                     Six      Year
                                                              months
                                   excluding  Player           ended     ended
                                      player trading*           31st      31st
                                    trading*  (Note 2) Total January      July
                                                                2000      2000
                            Note      £'000   £'000    £'000   £'000     £'000

Turnover:
    Gate receipts
    - Premier League                 11,842            11,842   10,430   18,341
    - Cup competitions                1,557             1,557    3,623    3,737
Television and radio                  7,522             7,522    7,835   12,321
Sponsorship and matchday              3,308             3,308    3,727    6,693
hospitality

Merchandising                         2,621             2,621    3,489    4,825
Other                                   921               921      677    2,057
                                     27,771            27,771   29,781   47,974

Cost of sales                       (17,150)  (5,807) (22,957) (23,480) (45,397)
                                    _______            ______    ______  ______

Gross profit                         10,621   (5,807)   4,814    6,301    2,577

Administrative expenses              (3,485)       -   (3,485)  (3,269)  (6,619)
                                     ______            ______    ______  _______

Operating profit/(loss)               7,136   (5,807)   1,329    3,032   (4,042)

Profit/(loss) on disposal of              -        9        9     (856)   3,987
registrations
                                     ______   ______   ______    ______   ______
Profit/(loss) before interest and     7,136   (5,798)   1,338    2,176      (55)
taxation
                                     ______   ______
Net interest payable                                     (442)    (165)    (702)
                                                        ______   ______    _____
Profit/(loss) on ordinary                                 896    2,011     (757)
activities before taxation

Tax (charge)/credit on profit/ 3                         (278)    (623)     815
(loss) on ordinary activities
                                                        ______   ______    _____
Profit on ordinary activities                             618    1,388       58
after taxation

Equity dividends                                            -        -        -
                                                        ______   ______    _____

Retained profit for the period                            618    1,388       58
                                                        ______   ______    _____

Earnings per share - basic     5                          0.6p    1.4p     0.1p
Earnings per share - diluted   5                          0.6p    1.4p     0.1p

*Player trading represents the amortisation of registrations and the profit or
loss on disposal of registrations.

There were no recognised gains or losses other than as stated in the
Consolidated Profit and Loss Account above. The results for each period are
all from continuing operations.


                          Consolidated Balance Sheet

                           as at 31st January 2001


                                                       31st       31st     31st
                                                    January    January     July
                                                       2001       2000     2000
                                                      £'000      £'000    £'000

Fixed assets:

Intangible                                           30,070     26,654   36,533
Tangible                                             46,998     47,114   47,483
                                                     77,068     73,768   84,016

Current assets:

Stocks                                                  944        881    1,051
Debtors                                               3,322      2,467   10,541
                                                      4,266      3,348   11,592
Creditors - Amounts falling due within one year     (31,675)   (26,652) (45,038)
                                                     ______     ______   ______
Net current liabilities                             (27,409)   (23,304) (33,446)
                                                     ______     ______   ______
Total assets less current liabilities                49,659     50,464   50,570

Creditors - Amounts falling due after more than      (7,226)    (5,171)  (8,024)
one year
                                                     42,433     45,293   42,546

Provisions for liabilities and charges:

Deferred taxation                                      (571)    (2,734)  (1,302)

Net assets                                           41,862     42,559   41,244
                                                     ______     ______   ______
Capital and reserves:

Called-up share capital                               5,085      5,080    5,085
Share premium account                                11,287     11,277   11,287
Revaluation reserve                                   2,644      2,692    2,668
Profit and loss account                              22,846     23,510   22,204
Equity shareholders' funds                           41,862     42,559   41,244
                                                     ______     ______   ______

                       Consolidated Cash Flow Statement

                  for the six months ended 31st January 2001


                                                               6       6     12
                                                          months  months months

                                                           ended   ended  ended

                                                            31st    31st   31st
                                                         January January   July

                                                            2001    2000   2000

                                                           £'000   £'000  £'000

Net cash inflow from operating activities (note 6)         2,928   2,524  7,433
                                                            ____    ____   ____
Returns on investments and servicing of finance:

Interest received                                             18       1      9
Interest paid                                               (423)   (116)  (455)
Interest element of finance lease payments                   (21)    (52)  (101)
Net cash outflow for returns on                             ____    ____   ____

investments and servicing of finance                        (426)   (167)  (547)

Taxation
UK corporation tax paid                                     (911)   (114)(1,081)

Capital expenditure and financial investment:
Payments to acquire intangible fixed assets               (5,723)(6,488)(17,590)
Receipts from sales of intangible fixed assets             7,555     372  1,013
Payments to acquire tangible fixed assets                   (401)   (979)(2,190)
Receipts from sales of tangible fixed assets                   -       3      -
Net cash inflow/(outflow) for capital expenditure         ______   _____  _____
and financial investment                                   1,431 (7,092)(18,767)

Equity dividend paid                                           -       -      -
                                                          ______   _____  _____

Cash inflow/(outflow) before use of liquid                 3,022 (4,849)(12,962)
resources and financing

Financing:
Issue of ordinary share capital                                -      23     38
Long term bank loan                                            -   2,500  5,000
Bank loan repayments                                        (588)   (250)  (250)
Capital element of finance lease payment                    (159)   (356)  (638)
                                                          ______   _____  _____
Net cash (outflow)/inflow from financing                    (747)  1,917  4,150
                                                           _____   _____  _____
Increase/(decrease) in cash                                2,275  (2,932)(8,812)
                                                          ______   _____ ______


                 Notes to the Consolidated Interim Statements

                  for the six months ended 31st January 2001


 1. The financial information given above does not constitute statutory
    accounts within the meaning of Section 240(5) of the Companies Act 1985.
    The figures for the twelve months ended 31st July 2000 have been extracted
    from the statutory accounts which have been delivered to the Registrar of
    Companies. The audit report on these accounts was unqualified and did not
    contain a statement under Section 237(2) or (3) of the Companies Act 1985.

    The interim financial statements have been prepared on the basis of the
    accounting policies set out in the statutory accounts for the year
    ended 31st July 2000.

    Minor reclassifications have been made to prior period figures to achieve
    comparability with the current period.

    These statements were approved by the Board of Directors on 15th March
    2001 and are neither audited nor reviewed by the Auditors.

    These results were announced to the Stock Exchange on 16th March 2001 and
    are being posted to all shareholders. Copies will be available to personal
    callers at the registered office, Bill Nicholson Way, 748 High Road,
    Tottenham, London, N17 0AP.


 2. Player Trading
                                       6 months   6 months   12 months          
                                         ended      ended        ended
                                           31st       31st        31st
                                        January    January        July
                                           2001       2000        2000
                                          £'000      £'000       £'000

          Proceeds                          967          5       6,966
          Net book value of players sold   (958)      (861)     (2,979)
          Profit/(loss) on disposal of        9       (856)      3,987
          registrations
                                           ____       ____       ______


    The amortisation charges on registrations included in cost of sales for
    the comparative periods were 5,532,000 for the six months ended 31st
    January 2000 and £11,520,000 for the twelve months ended 31st July 2000.

 3. The taxation charge is calculated on an actual basis on profits in the
    six-month period giving an effective rate of 31%.

 4. The Directors do not recommend an interim dividend.


                   Notes to the Consolidated Interim Statements

                    for the six months ended 31st January 2001

                                   (continued)


 5. The calculation of earnings per share is based on the basic and fully
    diluted earnings attributable to shareholders as follows:

                                            6 months   6 months  12 months
                                               ended      ended      ended
                                                31st       31st  31st July
                                             January    January
                                                2001       2000       2000
                                               £'000      £'000      £'000

        Profit after taxation                    618      1,388         58

        Basic weighted average number of

              ordinary shares in issue   101,694,480 101,532,929 101,613,129


          Employee share options and

                  incentive schemes          268,661     370,525     297,834

                                          __________  __________   __________

          Fully diluted weighted average
          number of shares               101,963,141 101,903,454 101,910,963


          Earnings per share - basic            0.6p        1.4p        0.1p

          Earnings per share - diluted          0.6p        1.4p        0.1p



 6. Reconciliation of operating profit/(loss) to net cash inflow from operating
    activities.
                                         6 months   6 months       12 months
                                            ended      ended           ended
                                              1st       31st            31st
                                          January    January            July
                                             2001       2000            2000
                                            £'000      £'000           £'000

          Operating profit/(loss)           1,329      3,032          (4,042)
          Depreciation charge                 886        709           1,549
          Amortisation of registrations     5,807      5,532          11,520
          Profit on disposal of tangible
            fixed assets                        -         (3)              -
          Decrease/(increase) in stock        107       (431)           (601)
          Decrease in debtors                 627      3,015             958
          Decrease in creditors            (5,828)    (9,330)         (1,951)
          Net cash inflow from operating    2,928      2,524           7,433
          activities
                                           ______     ______           _____


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

                                          6 months  6 months       12 months
                                             ended     ended           ended
                                              31st      31st            31st
                                           January   January            July
                                              2001      2000            2000
                                             £'000     £'000           £'000

      Increase/(decrease) in cash in the     2,275   (2,932)          (8,812)
      period
      Cash outflow/(inflow) from decrease/
      (increase)
      in debt and lease financing              747   (1,894)          (4,112)
      

      Movement in net debt in the period     3,022   (4,826)         (12,924)

      Net debt at start of period          (18,326)  (5,402)          (5,402)

      Net debt at end of period            (15,304) (10,228)         (18,326)