• Author / Uploaded
• Latisha Udani

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Revenue Attendance Sponsorship Broadcast Merchandise Other Total

0 2007 17.4 15.7 28.7 5.2 7.1 74.1

1 2008 18.97 17.11 31.28 5.67 7.74 80.77

2 2009 20.67 18.65 34.1 6.18 8.44 88.04

3 2010 22.53 20.33 37.17 6.73 9.19 95.96

4 2011 24.56 22.16 40.51 7.34 10.02 104.6

50.92 16.38 1.8 69.1 5 2.2 2.8 2.26 0.19 0.35

56.01 17.04 1.87 74.92 5.85 2.29 3.56 2.46 0.38 0.71

61.62 17.72 1.95 81.28 6.76 2.38 4.38 2.69 0.59 1.1

67.78 18.43 2.02 88.23 7.73 2.47 5.26 2.93 0.82 1.52

74.56 19.16 2.11 95.82 8.77 2.57 6.2 3.19 1.05 1.96

Operating Costs Payroll Stadium Opera Other Total EBITDA Depreciation EBIT Interest Taxes Net Income

5 2012 26.77 24.16 44.16 8 10.92 114.01

6 2013 29.18 26.33 48.13 8.72 11.91 124.27

7 2014 31.81 28.7 52.46 9.51 12.98 135.46

8 2015 34.67 31.28 57.19 10.36 14.15 147.65

9 2016 37.79 34.1 62.33 11.29 15.42 160.94

10 2017 41.19 37.17 67.94 12.31 16.81 175.42

11 2018 44.9 40.51 74.06 13.42 18.32 191.21

82.01 19.93 2.19 104.13 9.88 2.68 7.21 3.48 1.3 2.42

90.21 20.73 2.28 113.22 11.06 2.78 8.27 3.79 1.57 2.91

99.23 21.55 2.37 123.16 12.3 2.9 9.41 4.13 1.85 3.43

109.16 22.42 2.46 134.04 13.61 3.01 10.6 4.5 2.13 3.96

120.07 23.31 2.56 145.95 14.99 3.13 11.86 4.91 2.43 4.52

132.08 24.25 2.66 158.99 16.43 3.26 13.17 5.35 2.74 5.09

145.29 25.22 2.77 173.28 17.93 3.39 14.55 5.83 3.05 5.66

12 2019 48.94 44.16 80.72 14.63 19.97 208.42

13 2020 50.9 45.93 83.95 15.21 20.77 216.76

159.82 26.22 2.88 188.92 19.49 3.52 15.97 6.36 3.37 6.25

166.21 27.27 3 196.48 20.27 3.66 16.61 6.61 3.5 6.5

0 2007 17.4 15.7 28.7 5.2 7.1 74.1

1 2008 18.97 17.11 31.28 5.67 7.74 80.77

2 2009 20.67 18.65 34.1 6.18 8.44 88.04

3 2010 22.53 20.33 37.17 6.73 9.19 95.96

50.92 16.38 1.8 69.1 5 2.2 2.8 2.26 0.19 0.35

56.01 17.04 1.87 74.92 5.85 2.29 3.56 2.46 0.38 0.71

61.62 17.72 1.95 81.28 6.76 2.38 4.38 2.69 0.59 1.1

67.78 18.43 2.02 88.23 7.73 2.47 5.26 2.93 0.82 1.52

Cashflow Statement Revenue

74.10

minus COGS Gross Profit Margin

50.92 23.18

80.77 0.09 56.01 24.76

88.04 0.09 61.62 26.42

95.96 0.09 67.78 28.18

1.51

18.91 5.85 2.29 3.56 0.38 3.18 3.43 -47.17 -3.90 5.93

19.67 6.75 2.38 4.38 0.59 3.79 3.57 -51.42 -4.25 6.85

20.45 7.73 2.47 5.26 0.82 4.44 3.71 -56.04 -4.63 7.82

1.51

5.93

6.85

7.82

Revenue Attendance Sponsorship Broadcast Merchandise Other Total Operating Costs Payroll Stadium Operating Expense Other Total EBITDA Depreciation EBIT Interest Taxes Net Income

minus SGA EBITDA minus Depreciation EBIT minus Taxes EBIAT CAPEX NWC

18.18 5.00 2.20 2.80 0.19 2.61 3.30 -43.27

D in Net Working Capital

FCF Terminal Value @ Ra FCF +TV NPV Share outstanding Share price

154.27 9.29 16.60654475 Working Capital "-58.4% of revenues Tottenham Equity Beta =

1.29

20 year Risk Free Rate (RF) =

4.57%

MRP=

5.50%

Discount rate

10.25000%

G=

4.00%

Company Tax Rate

35.00%

4 2011 24.56 22.16 40.51 7.34 10.02 104.6

5 2012 26.77 24.16 44.16 8 10.92 114.01

6 2013 29.18 26.33 48.13 8.72 11.91 124.27

7 2014 31.81 28.7 52.46 9.51 12.98 135.46

8 2015 34.67 31.28 57.19 10.36 14.15 147.65

9 2016 37.79 34.1 62.33 11.29 15.42 160.94

10 2017 41.19 37.17 67.94 12.31 16.81 175.42

74.56 19.16 2.11 95.82 8.77 2.57 6.2 3.19 1.05 1.96

82.01 19.93 2.19 104.13 9.88 2.68 7.21 3.48 1.3 2.42

90.21 20.73 2.28 113.22 11.06 2.78 8.27 3.79 1.57 2.91

99.23 21.55 2.37 123.16 12.3 2.9 9.41 4.13 1.85 3.43

109.16 22.42 2.46 134.04 13.61 3.01 10.6 4.5 2.13 3.96

120.07 23.31 2.56 145.95 14.99 3.13 11.86 4.91 2.43 4.52

132.08 24.25 2.66 158.99 16.43 3.26 13.17 5.35 2.74 5.09

104.60 0.09 74.56 30.04

114.01 0.09 82.01 32.00

124.27 0.09 90.21 34.06

135.46 0.09 99.23 36.23

147.65 0.09 109.16 38.49

160.94 0.09 120.07 40.87

175.42 0.09 132.08 43.34

21.27 8.77 2.57 6.20 1.05 5.15 3.86 -61.09 -5.05 8.91

22.12 9.88 2.68 7.21 1.30 5.91 4.01 -66.58 -5.50 10.07

23.01 11.05 2.78 8.27 1.57 6.70 4.18 -72.57 -5.99 11.30

23.92 12.31 2.90 9.41 1.85 7.56 4.34 -79.11 -6.53 12.65

24.88 13.61 3.01 10.60 2.13 8.47 4.52 -86.23 -7.12 14.08

25.87 15.00 3.13 11.86 2.43 9.43 4.70 -93.99 -7.76 15.62

26.91 16.43 3.26 13.17 2.74 10.43 4.88 -102.45 -8.46 17.26

8.91

10.07

11.30

12.65

14.08

15.62

17.26

11 2018 44.9 40.51 74.06 13.42 18.32 191.21

12 2019 48.94 44.16 80.72 14.63 19.97 208.42

13 2020 50.9 45.93 83.95 15.21 20.77 216.76

145.29 25.22 2.77 173.28 17.93 3.39 14.55 5.83 3.05 5.66

159.82 26.22 2.88 188.92 19.49 3.52 15.97 6.36 3.37 6.25

166.21 27.27 3 196.48 20.27 3.66 16.61 6.61 3.5 6.5

191.21 0.09 145.29 45.92

208.42 0.09 159.82 48.60

216.76 0.04 166.21 50.55

27.99 17.93 3.39 14.55 3.05 11.50 5.08 -111.67 -9.22 19.03

29.10 19.50 3.52 15.97 3.37 12.60 5.28 -121.72 -10.05 20.89

19.03

20.89

30.27 20.28 3.66 16.61 3.50 13.11 5.49 -126.59 -4.87 16.15 268.67 284.81

0 2007 17.4 17.4 15.7 15.7 28.7 5.2 7.1 74.1 74.1

1 2008 18.97 18.97 17.11 17.11 31.28 5.67 7.74 80.77 80.77

2 2009 20.67 20.67 18.65 18.65 34.1 6.18 8.44 88.04 88.04

3 2010 22.53 31.542 20.33 24.396 37.17 6.73 9.19 95.96 109.028

50.92 16.38 16.38 1.8 69.1 69.1 5 5 2.2 2.2 2.8 2.8 2.26 0.19 0.189 0.35 0.351

56.01 17.04 17.04 1.87 74.92 74.92 5.85 5.85 2.29 2.29 3.56 3.56 2.46 0.38 0.385 0.71 0.715

61.62 17.72 17.72 1.95 81.28 81.29 6.76 6.75 2.38 2.38 4.38 4.37 2.69 0.59 0.588 1.1 1.092

67.78 18.43 21.0102 2.02 88.23 90.8102 7.73 18.2178 2.47 27.47 5.26 -9.2522 2.93 0.82 -4.26377 1.52 -7.91843

Cashflow Statement Revenue

74.10

minus COGS - Payroll Gross Profit Margin

50.92 23.18

80.77 0.09 56.01 24.76

88.04 0.09 61.62 26.42

109.03 0.24 67.78 41.25

minus SGA EBITDA minus Depreciation EBIT minus Taxes EBIAT Stadium Maintainance CAPEX Total Capex

18.18 5.00 2.20 2.80 0.19 2.61

18.91 5.85 2.29 3.56 0.38 3.18 125.00 3.43 128.43

19.67 6.75 2.38 4.37 0.59 3.78 125.00 3.57 128.57

23.03 18.22 27.47 -9.25 -4.26 -4.99

Revenue Attendance Updated attendance Sponsorship Updated sponsorship Broadcast Merchandise Other Total Updated total Operating Costs Payroll Stadium Operating Expense Updated operating expense Other Total Updated total EBITDA Updated EBITDA Depreciation Updated Depreciation EBIT Updated EBIT Interest Taxes Updated Taxes Net Income Updated Net Income

3.30 3.30

3.71 3.71

NWC

-43.27 1.51

-47.17 -3.90 -119.07

-51.42 -4.25 -118.16

-63.67 -12.26 31.03

1.51

-119.07

-118.16

31.03

D in Net Working Capital

FCF Terminal Value FCF +TV NPV Share outstanding Share price

171.74 9.29 18.48676563 Working Capital "-58.4% of revenues Tottenham Equity Beta =

1.29

20 year Risk Free Rate (RF) =

4.57%

MRP=

5.50%

Discount rate

10.25000%

G=

4.00%

Company Tax Rate

35.00%

4 2011 24.56 34.384 22.16 26.592 40.51 7.34 10.02 104.6 118.846

5 2012 26.77 37.478 24.16 28.992 44.16 8 10.92 114.01 129.55

6 2013 29.18 40.852 26.33 31.596 48.13 8.72 11.91 124.27 141.208

7 2014 31.81 44.534 28.7 34.44 52.46 9.51 12.98 135.46 153.924

8 2015 34.67 48.538 31.28 37.536 57.19 10.36 14.15 147.65 167.774

9 2016 37.79 52.906 34.1 40.92 62.33 11.29 15.42 160.94 182.866

10 2017 41.19 57.666 37.17 44.604 67.94 12.31 16.81 175.42 199.33

74.56 19.16 21.8424 2.11 95.82 98.5124 8.77 20.3336 2.57 27.57 6.2 -7.2364 3.19 1.05 -3.64924 1.96 -6.77716

82.01 19.93 22.7202 2.19 104.13 106.9202 9.88 22.6298 2.68 27.68 7.21 -5.0502 3.48 1.3 -2.98557 2.42 -5.54463

90.21 20.73 23.6322 2.28 113.22 116.1222 11.06 25.0858 2.78 27.78 8.27 -2.6942 3.79 1.57 -2.26947 2.91 -4.21473

99.23 21.55 24.567 2.37 123.16 126.167 12.3 27.757 2.9 27.9 9.41 -0.143 4.13 1.85 -1.49555 3.43 -2.77745

109.16 22.42 25.5588 2.46 134.04 137.1788 13.61 30.5952 3.01 28.01 10.6 2.5852 4.5 2.13 -0.67018 3.96 -1.24462

120.07 23.31 26.5734 2.56 145.95 149.2034 14.99 33.6626 3.13 28.13 11.86 5.5326 4.91 2.43 0.21791 4.52 0.40469

132.08 24.25 27.645 2.66 158.99 162.385 16.43 36.945 3.26 28.26 13.17 8.685 5.35 2.74 1.16725 5.09 2.16775

118.85 0.09 74.56 44.29

129.55 0.09 82.01 47.54

141.21 0.09 90.21 51.00

153.92 0.09 99.23 54.69

167.77 0.09 109.16 58.61

182.87 0.09 120.07 62.80

199.33 0.09 132.08 67.25

23.95 20.33 27.57 -7.24 -3.65 -3.59

24.91 22.63 27.68 -5.05 -2.99 -2.06

25.91 25.09 27.78 -2.69 -2.27 -0.42

26.94 27.76 27.90 -0.14 -1.50 1.35

28.02 30.60 28.01 2.59 -0.67 3.26

29.13 33.66 28.13 5.53 0.22 5.31

30.31 36.95 28.26 8.68 1.17 7.52

3.86 3.86

4.01 4.01

4.18 4.18

4.34 4.34

4.52 4.52

4.70 4.70

4.88 4.88

-69.41 -5.73 25.86

-75.66 -6.25 27.85

-82.47 -6.81 29.99

-89.89 -7.43 32.34

-97.98 -8.09 34.84

-106.79 -8.81 37.56

-116.41 -9.61 40.51

25.86

27.85

29.99

32.34

34.84

37.56

40.51

11 2018 44.9 62.86 40.51 48.612 74.06 13.42 18.32 191.21 217.272

12 2019 48.94 68.516 44.16 52.992 80.72 14.63 19.97 208.42 236.828

13 2020 50.9 71.26 45.93 55.116 83.95 15.21 20.77 216.76 246.306

145.29 25.22 28.7508 2.77 173.28 176.8108 17.93 40.4612 3.39 28.39 14.55 12.0712 5.83 3.05 2.18442 5.66 4.05678

159.82 26.22 29.8908 2.88 188.92 192.5908 19.49 44.2372 3.52 28.52 15.97 15.7172 6.36 3.37 3.27502 6.25 6.08218

166.21 27.27 31.0878 3 196.48 200.2978 20.27 46.0082 3.66 28.66 16.61 17.3482 6.61 3.5 3.75837 6.5 6.97983

217.27 0.09 145.29 71.98

236.83 0.09 159.82 77.01

246.31 0.04 166.21 80.10

31.52 40.46 28.39 12.07 2.18 9.89

32.77 44.24 28.52 15.72 3.28 12.44

34.09 46.01 28.66 17.35 3.76 13.59

5.08 5.08

5.28 5.28

5.49 5.49

-126.89 -10.48 43.67

-138.31 -11.42 47.10

43.67

47.10

-143.84 -5.54 42.29 703.71 746.00

Revenue Attendance Sponsorship Broadcast Merchandise Other Total Updated total (@4.8%)

0 2007 17.4 15.7 28.7 5.2 7.1 74.1 74.1

1 2008 18.97 17.11 31.28 5.67 7.74 80.77 84.64696

2 2009 20.67 18.65 34.1 6.18 8.44 88.04 92.26592

3 2010 22.53 20.33 37.17 6.73 9.19 95.96 100.56608

50.92

56.01 2.6 58.61 17.04 1.87 20 74.92 97.52 5.85 -12.87304 2.29 3.56 -15.16304 2.46 0.38 -6.168064 0.71 -11.454976

61.62 2.86 64.48 17.72 1.95

67.78 3.146 70.926 18.43 2.02

81.28 84.15 6.76 8.11592 2.38 4.38 5.73592 2.69 0.59 1.066072 1.1 1.979848

88.23 91.376 7.73 9.19008 2.47 5.26 6.72008 2.93 0.82 1.326528 1.52 2.463552

84.65 0.14 58.61 26.04

92.27 0.09 64.48 27.79

100.57 0.09 70.93 29.64

38.91 -12.87 2.29 -15.16 -6.17 -8.99 3.43 -49.43 -6.16 -3.98

19.67 8.12 2.38 5.74 1.07 4.67 3.57 -53.88 -4.45 7.93

20.45 9.19 2.47 6.72 1.33 5.39 3.71 -58.73 -4.85 9.00

Operating Costs Payroll New Player Salary Updated Payroll Stadium Operating Expense Other

50.92 16.38 1.8

Transfer fee Total Updated total EBITDA Updated EBITDA Depreciation EBIT Updated EBIT Interest Taxes Updated Taxes Net Income Updated Net Income

69.1 69.1 5 5 2.2 2.8 2.8 2.26 0.19 0.189 0.35 0.351

Cashflow Statement Revenue

74.10

minus COGS - Payroll Gross Profit Margin

50.92 23.18

minus SGA EBITDA minus Depreciation EBIT minus Taxes EBIAT Maintainance CAPEX NWC

18.18 5.00 2.20 2.80 0.19 2.61 3.30 -43.27

D in Net Working Capital

FCF

1.51

Terminal Value FCF +TV NPV Share outstanding Share price

1.51

-3.98

7.93

162.31 9.29 17.47155909 Working Capital "-58.4% of revenues Tottenham Equity Beta =

1.29

20 year Risk Free Rate (RF) =

4.57%

MRP=

5.50%

Discount rate

10.25000%

G=

4.00%

Company Tax Rate

35.00%

9.00

4 2011 24.56 22.16 40.51 7.34 10.02 104.6 109.6208

5 2012 26.77 24.16 44.16 8 10.92 114.01 119.48248

74.56 3.4606 78.0206 19.16 2.11

82.01 3.80666 85.81666 19.93 2.19

95.82 99.2906 8.77 10.3302 2.57 6.2 7.7602 3.19 1.05 1.59957 1.96 2.97063

6 2013 29.18 26.33 48.13 8.72 11.91 124.27 130.23496

7 2014 31.81 28.7 52.46 9.51 12.98 135.46 141.96208

8 2015 34.67 31.28 57.19 10.36 14.15 147.65 154.7372

9 2016 37.79 34.1 62.33 11.29 15.42 160.94 168.66512

10 2017 41.19 37.17 67.94 12.31 16.81 175.42 183.84016

90.21 99.23 109.16 120.07 132.08 4.187326 4.6060586 5.06666446 5.573330906 6.130663997 94.397326 103.8360586 114.2266645 125.6433309 138.210664 20.73 21.55 22.42 23.31 24.25 2.28 2.37 2.46 2.56 2.66

104.13 113.22 123.16 134.04 145.95 158.99 107.93666 117.407326 127.7560586 139.1066645 151.5133309 165.120664 9.88 11.06 12.3 13.61 14.99 16.43 11.54582 12.827634 14.2060214 15.63053554 17.15178909 18.719496 2.68 2.78 2.9 3.01 3.13 3.26 7.21 8.27 9.41 10.6 11.86 13.17 8.86582 10.047634 11.3060214 12.62053554 14.02178909 15.459496 3.48 3.79 4.13 4.5 4.91 5.35 1.3 1.57 1.85 2.13 2.43 2.74 1.885037 2.1901719 2.51160749 2.842187439 3.189126183 3.538323601 2.42 2.91 3.43 3.96 4.52 5.09 3.500783 4.0674621 4.66441391 5.278348101 5.922662911 6.571172402

109.62 0.09 78.02 31.60

119.48 0.09 85.82 33.67

130.23 0.09 94.40 35.84

141.96 0.09 103.84 38.13

154.74 0.09 114.23 40.51

168.67 0.09 125.64 43.02

183.84 0.09 138.21 45.63

21.27 10.33 2.57 7.76 1.60 6.16 3.86 -64.02 -5.29 10.16

22.12 11.55 2.68 8.87 1.89 6.98 4.01 -69.78 -5.76 11.41

23.01 12.83 2.78 10.05 2.19 7.86 4.18 -76.06 -6.28 12.74

23.92 14.21 2.90 11.31 2.51 8.79 4.34 -82.91 -6.85 14.20

24.88 15.63 3.01 12.62 2.84 9.78 4.52 -90.37 -7.46 15.73

25.87 17.15 3.13 14.02 3.19 10.83 4.70 -98.50 -8.13 17.40

26.91 18.72 3.26 15.46 3.54 11.92 4.88 -107.36 -8.86 19.16

10.16

11.41

12.74

14.20

15.73

17.40

19.16

11 2018 44.9 40.51 74.06 13.42 18.32 191.21 200.38808

12 2019 48.94 44.16 80.72 14.63 19.97 208.42 218.42416

13 2020 50.9 45.93 83.95 15.21 20.77 216.76 227.16448

145.29 159.82 166.21 6.743730396 7.418103436 8.159913779 152.0337304 167.2381034 174.3699138 25.22 26.22 27.27 2.77 2.88 3 173.28 180.0237304 17.93 20.3643496 3.39 14.55 16.9743496 5.83 3.05 3.900522361 5.66 7.243827242

188.92 196.3381034 19.49 22.08605656 3.52 15.97 18.56605656 6.36 3.37 4.272119797 6.25 7.933936767

196.48 204.6399138 20.27 22.52456622 3.66 16.61 18.86456622 6.61 3.5 4.289098177 6.5 7.965468043

200.39 0.09 152.03 48.35

218.42 0.09 167.24 51.19

227.16 0.04 174.37 52.79

27.99 20.36 3.39 16.97 3.90 13.07 5.08 -117.03 -9.66 21.05

29.10 22.09 3.52 18.57 4.27 14.29 5.28 -127.56 -10.53 23.06

30.27 22.52 3.66 18.86 4.29 14.58 5.49 -132.66 -5.10 17.85

21.05

23.06

296.94 314.79

Revenue Attendance Updated Attendance Sponsorship Updated Sponsorship Broadcast Merchandise Other Total Updated total (@19.2%+Stadium)

0 2007 17.4 17.4 15.7 15.7 28.7 5.2 7.1 74.1 74.1

1 2008 18.97 18.97 17.11 17.11 31.28 5.67 7.74 80.77 96.27784

2 3 2009 2010 20.67 22.53 20.67 31.542 18.65 20.33 18.65 24.396 34.1 37.17 6.18 6.73 8.44 9.19 88.04 95.96 104.94368 129.961376

50.92

56.01 2.6 58.61 17.04 17.04 1.87 20 74.92 97.52 5.85 -1.24216 2.29 2.29 3.56 -3.53216 2.46 0.38 -2.097256 0.71 -3.894904

61.62 2.86 64.48 17.72 17.72 1.95

67.78 3.146 70.926 18.43 21.0102 2.02

81.28 84.15 6.76 20.79368 2.38 2.38 4.38 18.41368 2.69 0.59 5.503288 1.1 10.220392

88.23 93.9562 7.73 36.005176 2.47 27.47 5.26 8.535176 2.93 0.82 1.9618116 1.52 3.6433644

104.94 0.09 64.48 40.46

129.96 0.24 70.93 59.04

19.67 20.79 2.38 18.41 5.50 12.91

23.03 36.01 27.47 8.54 1.96 6.57

Operating Costs Payroll New Player Salary Updated Payroll Stadium Operating Expenses Updated operating expenses Other

50.92 16.38 16.38 1.8

Transfer fee Total Updated total EBITDA Updated EBITDA Depreciation Updated Depreciation EBIT Updated EBIT Interest Taxes Updated Taxes Net Income Updated Net Income

69.1 69.1 5 5 2.2 2.2 2.8 2.8 2.26 0.19 0.189 0.35 0.351

Cashflow Statement Revenue

74.10

minus COGS - Payroll Gross Profit Margin

50.92 23.18

96.28 0.30 58.61 37.67

minus SGA EBITDA minus Depreciation EBIT minus Taxes EBIAT

18.18 5.00 2.20 2.80 0.19 2.61

38.91 -1.24 2.29 -3.53 -2.10 -1.43

Stadium Maintainance CAPEX Total Capex NWC

1.51

125.00 3.43 128.43 -56.23 -12.95 -114.63

125.00 3.57 128.57 -61.29 -5.06 -108.22

3.71 3.71 -75.90 -14.61 44.94

1.51

-114.63

-108.22

44.94

3.30 3.30 -43.27

D in Net Working Capital

FCF Terminal Value FCF +TV NPV Share outstanding Share price

404.99 9.29 43.59428662 Working Capital "-58.4% of revenues Tottenham Equity Beta =

1.29

20 year Risk Free Rate (RF) =

4.57%

MRP=

5.50%

Discount rate

10.25000%

G=

4.00%

Company Tax Rate

35.00%

4 2011 24.56 34.384 22.16 26.592 40.51 7.34 10.02 104.6 141.664432 74.56 3.4606 78.0206 19.16 21.8424 2.11 95.82 101.973 8.77 39.691432 2.57 27.57 6.2 12.121432 3.19 1.05 3.1260012 1.96 5.8054308

5 6 7 8 9 2012 2013 2014 2015 2016 26.77 29.18 31.81 34.67 37.79 37.478 40.852 44.534 48.538 52.906 24.16 26.33 28.7 31.28 34.1 28.992 31.596 34.44 37.536 40.92 44.16 48.13 52.46 57.19 62.33 8 8.72 9.51 10.36 11.29 10.92 11.91 12.98 14.15 15.42 114.01 124.27 135.46 147.65 160.94 154.4236 168.319936 183.477408 199.986608 217.976272 82.01 3.80666 85.81666 19.93 22.7202 2.19

10 2017 41.19 57.666 37.17 44.604 67.94 12.31 16.81 175.42 237.60136

90.21 99.23 109.16 120.07 132.08 4.187326 4.6060586 5.06666446 5.573330906 6.130663997 94.397326 103.8360586 114.2266645 125.6433309 138.210664 20.73 21.55 22.42 23.31 24.25 23.6322 24.567 25.5588 26.5734 27.645 2.28 2.37 2.46 2.56 2.66

104.13 113.22 123.16 134.04 145.95 158.99 110.72686 120.309526 130.7730586 142.2454645 154.7767309 168.515664 9.88 11.06 12.3 13.61 14.99 16.43 43.69674 48.01041 52.7043494 57.74114354 63.19954109 69.085696 2.68 2.78 2.9 3.01 3.13 3.26 27.68 27.78 27.9 28.01 28.13 28.26 7.21 8.27 9.41 10.6 11.86 13.17 16.01674 20.23041 24.8043494 29.73114354 35.06954109 40.825696 3.48 3.79 4.13 4.5 4.91 5.35 1.3 1.57 1.85 2.13 2.43 2.74 4.387859 5.7541435 7.23602229 8.830900239 10.55583938 12.4164936 2.42 2.91 3.43 3.96 4.52 5.09 8.148881 10.6862665 13.43832711 16.4002433 19.60370171 23.0592024

141.66 0.09 78.02 63.64

154.42 0.09 85.82 68.61

168.32 0.09 94.40 73.92

183.48 0.09 103.84 79.64

199.99 0.09 114.23 85.76

217.98 0.09 125.64 92.33

237.60 0.09 138.21 99.39

23.95 39.69 27.57 12.12 3.13 9.00

24.91 43.70 27.68 16.02 4.39 11.63

25.91 48.01 27.78 20.23 5.75 14.48

26.94 52.70 27.90 24.80 7.24 17.57

28.02 57.74 28.01 29.73 8.83 20.90

29.13 63.20 28.13 35.07 10.56 24.51

30.31 69.09 28.26 40.83 12.42 28.41

3.86 3.86 -82.73 -6.83 39.54

4.01 4.01 -90.18 -7.45 42.75

4.18 4.18 -98.30 -8.12 46.20

4.34 4.34 -107.15 -8.85 49.98

4.52 4.52 -116.79 -9.64 54.04

4.70 4.70 -127.30 -10.51 58.45

4.88 4.88 -138.76 -11.46 63.25

39.54

42.75

46.20

49.98

54.04

58.45

63.25

11 12 13 2018 2019 2020 44.9 48.94 50.9 62.86 68.516 71.26 40.51 44.16 45.93 48.612 52.992 55.116 74.06 80.72 83.95 13.42 14.63 15.21 18.32 19.97 20.77 191.21 208.42 216.76 258.988224 282.298976 293.596752 145.29 159.82 166.21 6.743730396 7.418103436 8.159913779 152.0337304 167.2381034 174.3699138 25.22 26.22 27.27 28.7508 29.8908 31.0878 2.77 2.88 3 173.28 183.5545304 17.93 75.4336936 3.39 28.39 14.55 47.0436936 5.83 3.05 14.42479276 5.66 26.78890084

188.92 200.0089034 19.49 82.29007256 3.52 28.52 15.97 53.77007256 6.36 3.37 16.5935254 6.25 30.81654717

196.48 208.4577138 20.27 85.13903822 3.66 28.66 16.61 56.47903822 6.61 3.5 17.45416338 6.5 32.41487484

258.99 0.09 152.03 106.95

282.30 0.09 167.24 115.06

293.60 0.04 174.37 119.23

31.52 75.43 28.39 47.04 14.42 32.62

32.77 82.29 28.52 53.77 16.59 37.18

34.09 85.14 28.66 56.48 17.45 39.02

5.08 5.08 -151.25 -12.49 68.42

5.28 5.28 -164.86 -13.61 74.03

68.42

74.03

5.49 5.49 -171.46 -6.60 68.79 1144.63 1213.42

Revenue Attendance Sponsorship Broadcast Merchandise Other Total

0 2007 17.4 15.7 28.7 5.2 7.1 74.1

1 2008 18.97 17.11 31.28 5.67 7.74 80.77

2 2009 20.67 18.65 34.1 6.18 8.44 88.04

3 2010 22.53 20.33 37.17 6.73 9.19 95.96

4 2011 24.56 22.16 40.51 7.34 10.02 104.6

50.92 16.38 1.8 69.1 5 2.2 2.8 2.26 0.19 0.35

56.01 17.04 1.87 74.92 5.85 2.29 3.56 2.46 0.38 0.71

61.62 17.72 1.95 81.28 6.76 2.38 4.38 2.69 0.59 1.1

67.78 18.43 2.02 88.23 7.73 2.47 5.26 2.93 0.82 1.52

74.56 19.16 2.11 95.82 8.77 2.57 6.2 3.19 1.05 1.96

Operating Costs Payroll Stadium Opera Other Total EBITDA Depreciation EBIT Interest Taxes Net Income

Net Present Value Analysis With Amortization = [(Calculated NPV - $50 million) / 15] (Iterative Process) 1

2

3

4

2004

2005

2006

2007

$41.1

$45.0

$48.8

$51.4

Depreciation

2.5

2.5

2.5

2.5

Amortization

23.7

23.7

23.7

23.7

EBIT

14.9

18.8

22.6

25.2

8.9

11.3

13.6

15.1

-3.9

1.0

1.1

1.4

3.5

3.5

3.5

3.5

35.6

33.0

35.2

36.4

35.6

33.0

35.2

36.4

EBITDA

Tax Ra

40%

EBIAT Increase in NWC CapEx Free Cash Flow Terminal Value @ Ra FCF +TV NPV @

$405.89

Terminal Value @ WACC FCF +TV

35.6

NPV @

$471.91

Beta =

1

RF =

5%

MRP=

5%

Ra =

10.0%

Rd =

6.0%

G=

2%

0% D/V=

8.8%

33.0

35.2

36.4

5 2012 26.77 24.16 44.16 8 10.92 114.01

6 2013 29.18 26.33 48.13 8.72 11.91 124.27

7 2014 31.81 28.7 52.46 9.51 12.98 135.46

8 2015 34.67 31.28 57.19 10.36 14.15 147.65

9 2016 37.79 34.1 62.33 11.29 15.42 160.94

10 2017 41.19 37.17 67.94 12.31 16.81 175.42

11 2018 44.9 40.51 74.06 13.42 18.32 191.21

82.01 19.93 2.19 104.13 9.88 2.68 7.21 3.48 1.3 2.42

90.21 20.73 2.28 113.22 11.06 2.78 8.27 3.79 1.57 2.91

99.23 21.55 2.37 123.16 12.3 2.9 9.41 4.13 1.85 3.43

109.16 22.42 2.46 134.04 13.61 3.01 10.6 4.5 2.13 3.96

120.07 23.31 2.56 145.95 14.99 3.13 11.86 4.91 2.43 4.52

132.08 24.25 2.66 158.99 16.43 3.26 13.17 5.35 2.74 5.09

145.29 25.22 2.77 173.28 17.93 3.39 14.55 5.83 3.05 5.66

5

6

7

8

9

10

11

Projected 2008

2009

2010

2011

2012

2013

2014

2.5

2.5

2.5

2.5

2.5

2.5

2.5

23.7

23.7

23.7

23.7

23.7

23.7

23.7

37.9

38.7

39.5

40.3

41.1

41.9

42.7

37.9

38.7

39.5

40.3

41.1

41.9

42.7

$54.1

27.9 16.7 1.5 3.5

37.9

38.7

39.5

40.3

41.1

41.9

42.7

12 2019 48.94 44.16 80.72 14.63 19.97 208.42

13 2020 50.9 45.93 83.95 15.21 20.77 216.76

159.82 26.22 2.88 188.92 19.49 3.52 15.97 6.36 3.37 6.25

166.21 27.27 3 196.48 20.27 3.66 16.61 6.61 3.5 6.5

12

13

14

15

16

2015

2016

2017

2018

2019

2.5

2.5

2.5

2.5

2.5

23.7

23.7

23.7

23.7

0.0

43.6

44.5

45.3

46.3

37.5 478.1

43.6

44.5

45.3

46.3

515.6

562.5 43.6

44.5

45.3

46.3

600.0

Assets Current Assets Cash and equivalents Investments, available for sale Inventory - Merchandise Accounts Receivable Total current assets Property and equipment, net Intangible assets, net Total assets Liabilities and Stockholder Equity Current liabilities Accounts payable Total current liabilities Long-term debt and deffered interest, net of current portion Total Liabilities Total stockholders' (deficient) equity Total liabilities and stockholders' equity Share outstanding (millions of shares) Market capitalization

26.29 0.63 1.17 19.99 48.07 55.78 49.35 153.2

64.4 64.4 43.08 107.48 45.73 153.2 9.29 128.2

Team Manchester United Arsenal Chelsea Liverpool Newcastle United Tottenham Hotspur Everton Aston Villa

Enterprise Value Net Debt / EV 934 588 345 291 167 156 106 90

Revenue 0.84 0.53 0.28 0.18 0.46 0.12 0.32 0.16

Operating Inc 169 50 134 11 154 -20 123 20 87 6 75 5 58 -8 50 -11

Avg Points (1998-2007) Avg. Net Goals (1998-2007) 82 42.7 77 38.1 74 33.9 67 24.6 53 2.3 51 -1.9 49 -4.9 51 0

Game Date 1/31/2004 2/7/2004 2/11/2004 2/22/2004 3/9/2004 3/14/2004 3/20/2004 3/27/2004 4/3/2004 4/9/2004 4/12/2004 4/17/2004 4/25/2004 5/2/2004 5/8/2004 5/15/2004 8/14/2004 8/21/2004 8/25/2004 8/28/2004 9/12/2004 9/19/2004 9/25/2004 10/2/2004 10/18/2004 10/23/2004 10/30/2004 11/6/2004 11/13/2004 11/22/2004 11/28/2004 12/4/2004 12/11/2004 12/18/2004 12/26/2004 12/28/2004 1/1/2005 1/4/2005 1/15/2005 1/22/2005

Win

Loss 0 1 1 0 0 1 0 0 0 0 0 0 0 0 1 1 0 1 0 1 0 0 0 1 0 0 0 0 0 0 1 1 1 1 1 0 1 0 0 0

Draw 1 0 0 0 1 0 1 1 1 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1

Points 0 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0

Tottenham FTSE 0 -0.27% 3 0.00% 3 11.89% 1 0.00% 0 0.00% 3 9.52% 0 0.00% 0 -2.95% 0 0.00% 0 0.00% 1 8.57% 0 8.57% 1 -2.95% 0 0.00% 3 8.07% 3 0.00% 1 -3.57% 3 0.11% 1 2.41% 3 0.00% 1 0.00% 1 -0.45% 0 0.00% 3 -4.13% 0 3.13% 0 0.00% 0 1.89% 0 0.00% 0 0.00% 0 -2.91% 3 0.14% 3 -3.95% 3 3.57% 3 5.26% 3 0.00% 1 4.00% 3 0.00% 1 7.35% 0 5.15% 0 -2.58%

-0.21% 0.72% -0.42% 0.21% 0.07% -1.22% -1.90% 1.13% 0.34% 0.47% 0.58% 0.20% 0.04% -0.66% -2.29% -0.87% 1.13% 0.83% 0.96% 0.81% 0.30% -0.25% -0.81% 0.48% 0.62% -1.10% 1.07% -0.49% 0.19% 0.20% 0.18% -0.53% 0.91% 0.73% 0.22% 0.45% -0.12% -0.85% 0.54% 0.19%

2/1/2005 2/5/2005 2/26/2005 3/5/2005 3/16/2005 3/19/2005 4/2/2005 4/10/2005 4/16/2005 4/20/2005 4/25/2005 5/1/2005 5/7/2005 5/15/2005 8/13/2005 8/20/2005 8/24/2005 8/27/2005 9/10/2005 9/17/2005 9/26/2005 10/1/2005 10/15/2005 10/22/2005 10/29/2005 11/7/2005 11/20/2005 11/26/2005 12/3/2005 12/12/2005 12/18/2005 12/26/2005 12/28/2005 12/31/2005 1/4/2006 1/14/2006 1/21/2006 1/31/2006 2/5/2006 2/12/2006 2/19/2006 3/5/2006

0 1 1 0 0 1 0 1 0 0 0 1 0 0 1 1 0 0 0 0 1 1 1 0 0 0 0 1 1 1 0 1 0 1 1 0 0 0 1 0 0 1

1 0 0 1 1 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0

0 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 1 0 1 1 0 0 0 1 1 0 1 0 0 0 1 0 0 0 0 0 1 0 0 1 1 0

0 3 3 0 0 3 1 3 1 1 0 3 0 1 3 3 1 0 1 1 3 3 3 1 1 0 1 3 3 3 1 3 0 3 3 0 1 0 3 1 1 3

-0.50% 12.50% 5.43% 0.16% 0.97% 0.00% -5.48% -5.04% 6.16% -3.81% -7.67% 0.00% 0.96% 1.03% 0.00% 4.88% 0.00% 0.00% -1.02% -0.24% -0.59% -0.39% -0.04% 0.00% -0.22% 7.69% -2.18% 0.00% 0.47% -3.94% -4.63% 0.00% -0.83% 0.00% 2.83% -2.85% -2.16% 0.58% 1.18% 0.60% 4.89% 0.00%

0.20% 0.78% -0.76% -0.18% -0.31% 0.21% -0.35% -0.21% -1.32% -0.05% -0.40% 0.24% -0.17% -0.05% -0.03% 0.11% -0.37% -0.53% 0.29% 0.40% -0.11% 0.43% 0.22% 1.27% 1.99% 0.00% -0.02% -0.84% -0.32% 0.10% 0.15% -0.03% 0.28% -0.35% -0.41% 0.51% -0.20% 0.72% 0.23% 0.51% 0.29% 0.67%

3/11/2006 3/18/2006 3/27/2006 4/1/2006 4/8/2006 4/15/2006 4/17/2006 4/22/2006 4/30/2006 5/7/2006 9/9/2006 9/17/2006 9/19/2006 9/23/2006 9/26/2006 10/1/2006 10/14/2006 10/22/2006 10/28/2006 11/5/2006 11/12/2006 11/19/2006 11/26/2006 12/2/2006 12/5/2006 12/9/2006 12/17/2006 12/26/2006 1/1/2007 1/14/2007 1/20/2007 2/4/2007 2/10/2007 2/21/2007 2/25/2007 3/4/2007 3/17/2007 4/1/2007 4/7/2007 4/15/2007 4/21/2007 4/28/2007

0 1 1 0 1 1 0 0 1 0 0 0 0 0 0 1 0 1 0 1 0 0 1 0 1 1 1 1 0 0 0 0 0 1 1 1 1 1 0 0 0 1

1 0 0 1 0 0 1 0 0 1 1 0 1 1 1 0 0 0 0 0 1 0 0 1 0 0 0 0 0 1 0 1 1 0 0 0 0 0 1 0 0 0

0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0

0 3 3 0 3 3 0 1 3 0 0 1 0 0 0 3 1 3 1 3 0 1 3 0 3 3 3 3 1 0 1 0 0 3 3 3 3 3 0 1 1 3

2.91% -2.41% 2.83% -5.04% 0.00% 0.00% -0.51% 1.80% 0.00% -4.32% 0.00% -0.20% -1.35% 8.39% -3.39% 0.00% 0.00% 0.36% 2.49% 4.26% 0.00% -0.60% 1.59% -1.43% 4.01% -0.71% 6.96% -0.14% -1.27% 0.00% -2.34% -1.88% -0.61% 0.00% -1.16% 0.00% -1.19% 0.00% -1.16% 0.06% 8.77% 8.42%

0.76% -0.13% -0.61% 1.00% 0.68% 0.48% 0.24% -0.55% -0.61% -0.40% -0.48% 0.22% 0.59% -0.41% 0.96% -0.05% 0.25% 0.18% -0.55% 1.24% -0.23% 0.20% -1.18% 0.48% 0.06% 0.12% -0.20% 0.89% 1.45% 0.39% -0.30% 0.11% -0.46% 0.37% 0.52% -0.94% 0.96% 0.12% 0.32% 0.83% -0.11% 0.48%

5/7/2007 5/10/2007 5/13/2007

1 0 1

0 0 0

0 1 0

3 1 3

-3.91% 5.50% 2.61%

-0.81% 0.64% -0.16%