Exhibit 1: Basic Information

20-year Riskfree Rate 4.57%

Tottenham Equity Beta 1.29
Tax Rate 35%
Exhibit 2: 2007 Financial and Performance Data for Top Premiership Teams

Enterprise Operating Avg. Points Avg. Net Goals

Team Value (EV)* Net Debt/EV Revenue Income (1998-2007) (1998-2007)
Manchester United 934 0.84 169 50 82 42.7
Arsenal 588 0.53 134 11 77 38.1
Chelsea 345 0.28 154 -20 74 33.9
Liverpool 291 0.18 123 20 67 24.6
Newcastle United 167 0.46 87 6 53 2.3
Tottenham Hotspur 156 0.12 75 5 51 -1.9
Everton 106 0.32 58 -8 49 -4.9
Aston Villa 90 0.16 50 -11 51 0.0
*Estimated prior to the 2008 season. Enterprise value = Equity + Debt - Excess Cash.
Avg. Net Goals
(1998-2007)
Exhibit 3: Tottenham Games and Stock Market Reaction

Game Date Win Loss Draw Points Tottenham FTSEa

1/31/2004 0 1 0 0 0% 0%
2/7/2004 1 0 0 3 0% 1%
2/11/2004 1 0 0 3 12% 0%
2/22/2004 0 0 1 1 0% 0%
3/9/2004 0 1 0 0 0% 0%
3/14/2004 1 0 0 3 10% -1%
3/20/2004 0 1 0 0 0% -2%
3/27/2004 0 1 0 0 -3% 1%
4/3/2004 0 1 0 0 0% 0%
4/9/2004 0 1 0 0 0% 0%
4/12/2004 0 0 1 1 9% 1%
4/17/2004 0 1 0 0 9% 0%
4/25/2004 0 0 1 1 -3% 0%
5/2/2004 0 1 0 0 0% -1%
5/8/2004 1 0 0 3 8% -2%
5/15/2004 1 0 0 3 0% -1%
8/14/2004 0 0 1 1 -4% 1%
8/21/2004 1 0 0 3 0% 1%
8/25/2004 0 0 1 1 2% 1%
8/28/2004 1 0 0 3 0% 1%
9/12/2004 0 0 1 1 0% 0%
9/19/2004 0 0 1 1 0% 0%
9/25/2004 0 1 0 0 0% -1%
10/2/2004 1 0 0 3 -4% 0%
10/18/2004 0 1 0 0 3% 1%
10/23/2004 0 1 0 0 0% -1%
10/30/2004 0 1 0 0 2% 1%
11/6/2004 0 1 0 0 0% 0%
11/13/2004 0 1 0 0 0% 0%
11/22/2004 0 1 0 0 -3% 0%
11/28/2004 1 0 0 3 0% 0%
12/4/2004 1 0 0 3 -4% -1%
12/11/2004 1 0 0 3 4% 1%
12/18/2004 1 0 0 3 5% 1%
12/26/2004 1 0 0 3 0% 0%
12/28/2004 0 0 1 1 4% 0%
1/1/2005 1 0 0 3 0% 0%
1/4/2005 0 0 1 1 7% -1%
1/15/2005 0 1 0 0 5% 1%
1/22/2005 0 1 0 0 -3% 0%
2/1/2005 0 1 0 0 0% 0%
2/5/2005 1 0 0 3 13% 1%
2/26/2005 1 0 0 3 5% -1%
3/5/2005 0 1 0 0 0% 0%
3/16/2005 0 1 0 0 1% 0%
3/19/2005 1 0 0 3 0% 0%
 4/2/2005 0 0 1 1 -5% 0%
4/10/2005 1 0 0 3 -5% 0%
4/16/2005 0 0 1 1 6% -1%
4/20/2005 0 0 1 1 -4% 0%
4/25/2005 0 1 0 0 -8% 0%
5/1/2005 1 0 0 3 0% 0%
5/7/2005 0 1 0 0 1% 0%
5/15/2005 0 0 1 1 1% 0%
8/13/2005 1 0 0 3 0% 0%
8/20/2005 1 0 0 3 5% 0%
8/24/2005 0 0 1 1 0% 0%
8/27/2005 0 1 0 0 0% -1%
9/10/2005 0 0 1 1 -1% 0%
9/17/2005 0 0 1 1 0% 0%
9/26/2005 1 0 0 3 -1% 0%
10/1/2005 1 0 0 3 0% 0%
10/15/2005 1 0 0 3 0% 0%
10/22/2005 0 0 1 1 0% 1%
10/29/2005 0 0 1 1 0% 2%
11/7/2005 0 1 0 0 8% 0%
11/20/2005 0 0 1 1 -2% 0%
11/26/2005 1 0 0 3 0% -1%
12/3/2005 1 0 0 3 0% 0%
12/12/2005 1 0 0 3 -4% 0%
12/18/2005 0 0 1 1 -5% 0%
12/26/2005 1 0 0 3 0% 0%
12/28/2005 0 1 0 0 -1% 0%
12/31/2005 1 0 0 3 0% 0%
1/4/2006 1 0 0 3 3% 0%
1/14/2006 0 1 0 0 -3% 1%
1/21/2006 0 0 1 1 -2% 0%
1/31/2006 0 1 0 0 1% 1%
2/5/2006 1 0 0 3 1% 0%
2/12/2006 0 0 1 1 1% 1%
2/19/2006 0 0 1 1 5% 0%
3/5/2006 1 0 0 3 0% 1%
3/11/2006 0 1 0 0 3% 1%
3/18/2006 1 0 0 3 -2% 0%
3/27/2006 1 0 0 3 3% -1%
4/1/2006 0 1 0 0 -5% 1%
4/8/2006 1 0 0 3 0% 1%
4/15/2006 1 0 0 3 0% 0%
4/17/2006 0 1 0 0 -1% 0%
4/22/2006 0 0 1 1 2% -1%
4/30/2006 1 0 0 3 0% -1%
5/7/2006 0 1 0 0 -4% 0%
9/9/2006 0 1 0 0 0% 0%
9/17/2006 0 0 1 1 0% 0%
9/19/2006 0 1 0 0 -1% 1%
 9/23/2006 0 1 0 0 8% 0%
9/26/2006 0 1 0 0 -3% 1%
10/1/2006 1 0 0 3 0% 0%
10/14/2006 0 0 1 1 0% 0%
10/22/2006 1 0 0 3 0% 0%
10/28/2006 0 0 1 1 2% -1%
11/5/2006 1 0 0 3 4% 1%
11/12/2006 0 1 0 0 0% 0%
11/19/2006 0 0 1 1 -1% 0%
11/26/2006 1 0 0 3 2% -1%
12/2/2006 0 1 0 0 -1% 0%
12/5/2006 1 0 0 3 4% 0%
12/9/2006 1 0 0 3 -1% 0%
12/17/2006 1 0 0 3 7% 0%
12/26/2006 1 0 0 3 0% 1%
1/1/2007 0 0 1 1 -1% 1%
1/14/2007 0 1 0 0 0% 0%
1/20/2007 0 0 1 1 -2% 0%
2/4/2007 0 1 0 0 -2% 0%
2/10/2007 0 1 0 0 -1% 0%
2/21/2007 1 0 0 3 0% 0%
2/25/2007 1 0 0 3 -1% 1%
3/4/2007 1 0 0 3 0% -1%
3/17/2007 1 0 0 3 -1% 1%
4/1/2007 1 0 0 3 0% 0%
4/7/2007 0 1 0 0 -1% 0%
4/15/2007 0 0 1 1 0% 1%
4/21/2007 0 0 1 1 9% 0%
4/28/2007 1 0 0 3 8% 0%
5/7/2007 1 0 0 3 -4% -1%
5/10/2007 0 0 1 1 6% 1%
5/13/2007 1 0 0 3 3% 0%

a
The FTSE is the UK equivalent of the S&P 500.
Exhibit 4: 2007 Tottenham Balance Sheet (millions of pounds)

Assets
Current assets:
Cash and equivalents 26.29
Investments, available for sale 0.63
Inventory - Merchandise 1.17
Accounts Receivable 19.99
Total current assets 48.07
Property and equipment, net 55.78
Intangible assets, net 49.35
Total assets 153.20

Liabilities and Stockholder Equity

Current liabilities:
Accounts payable 64.40
Total current liabilities 64.40
Long-term debt and deferred interest, net of current portion 43.08
Total liabilities 107.48
Total stockholders’ (deficit) equity 45.73
Total liabilities and stockholders’ equity 153.20

Shares Outstanding (millions of shares) 9.29

Market Capitalization 128.20
Source: Company Reports
Exhibit 5: Tottenham Pro Forma Income Statement (millions of pounds)

Current Forecast
0 1 2 3 4
Revenue 2007 2008 2009 2010 2011
Attendance 17.40 18.97 20.67 22.53 24.56
Sponsorship 15.70 17.11 18.65 20.33 22.16
Broadcast 28.70 31.28 34.10 37.17 40.51
Merchandise 5.20 5.67 6.18 6.73 7.34
Other 7.10 7.74 8.44 9.19 10.02
Total 74.10 80.77 88.04 95.96 104.60

Operating Costs
Payroll 50.92 56.01 61.62 67.78 74.56
Stadium Operating Expenses 16.38 17.04 17.72 18.43 19.16
Other 1.80 1.87 1.95 2.02 2.11
Total 69.10 74.92 81.28 88.23 95.82

EBITDA 5.00 5.85 6.76 7.73 8.77

Depreciation 2.20 2.29 2.38 2.47 2.57
EBIT 2.80 3.56 4.38 5.26 6.20
Interest 2.26 2.46 2.69 2.93 3.19
Taxes 0.19 0.38 0.59 0.82 1.05
Net Income 0.35 0.71 1.10 1.52 1.96
 5 6 7 8 9 10 11 12 13
2012 2013 2014 2015 2016 2017 2018 2019 2020
26.77 29.18 31.81 34.67 37.79 41.19 44.90 48.94 50.90
24.16 26.33 28.70 31.28 34.10 37.17 40.51 44.16 45.93
44.16 48.13 52.46 57.19 62.33 67.94 74.06 80.72 83.95
8.00 8.72 9.51 10.36 11.29 12.31 13.42 14.63 15.21
10.92 11.91 12.98 14.15 15.42 16.81 18.32 19.97 20.77
114.01 124.27 135.46 147.65 160.94 175.42 191.21 208.42 216.76

82.01 90.21 99.23 109.16 120.07 132.08 145.29 159.82 166.21

19.93 20.73 21.55 22.42 23.31 24.25 25.22 26.22 27.27
2.19 2.28 2.37 2.46 2.56 2.66 2.77 2.88 3.00
104.13 113.22 123.16 134.04 145.95 158.99 173.28 188.92 196.48

9.88 11.06 12.30 13.61 14.99 16.43 17.93 19.49 20.27

2.68 2.78 2.90 3.01 3.13 3.26 3.39 3.52 3.66
7.21 8.27 9.41 10.60 11.86 13.17 14.55 15.97 16.61
3.48 3.79 4.13 4.50 4.91 5.35 5.83 6.36 6.61
1.30 1.57 1.85 2.13 2.43 2.74 3.05 3.37 3.50
2.42 2.91 3.43 3.96 4.52 5.09 5.66 6.25 6.50
 Current Forecast
0 1 2 3 4 5 6
Revenue 2007 2008 2009 2010 2011 2012 2013
Attendance 17.40 18.97 20.67 22.53 24.56 26.77 29.18
Sponsorship 15.70 17.11 18.65 20.33 22.16 24.16 26.33
Broadcast 28.70 31.28 34.10 37.17 40.51 44.16 48.13
Merchandise 5.20 5.67 6.18 6.73 7.34 8.00 8.72
Other 7.10 7.74 8.44 9.19 10.02 10.92 11.91
Total 74.10 80.77 88.04 95.96 104.60 114.01 124.27

Operating Costs
Payroll (50.92) (56.01) (61.61) (67.77) (74.55) (82.01) (90.21)
Stadium Operati (16.38) (17.04) (17.72) (18.43) (19.16) (19.93) (20.73)
Other (1.80) (1.87) (1.95) (2.02) (2.11) (2.19) (2.28)
Total (69.10) (74.92) (81.28) (88.22) (95.82) (104.13) (113.21)

EBITDA 5.00 5.85 6.76 7.74 8.78 9.88 11.06

Depreciation (2.20) (2.29) (2.38) (2.47) (2.57) (2.68) (2.78)
EBIT 2.80 3.56 4.38 5.26 6.21 7.21 8.27
Taxes (0.98) (1.25) (1.53) (1.84) (2.17) (2.52) (2.90)
Depreciation 2.20 2.29 2.38 2.47 2.57 2.68 2.78
CAPEX (3.30) (3.43) (3.57) (3.71) (3.86) (4.01) (4.18)
change in NWC 3.89 4.24 4.62 5.04 5.49 5.99

FCF 5.06 5.90 6.81 7.79 8.84 9.97

PV of FCF 4.60 4.88 5.11 5.32 5.49 5.63
PV of TV

Enterprise value 139.83

Cash 26.91
Debt 43.08
Equity value 123.66
Share price 13.31

* nwc -43.24 -47.1283 -51.3698797 -55.9932 -61.0326 -66.5255 -72.5128

 7 8 9 10 11 12 13
2014 2015 2016 2017 2018 2019 2020
31.81 34.67 37.79 41.19 44.90 48.94 50.90
28.70 31.28 34.10 37.17 40.51 44.16 45.93
52.46 57.19 62.33 67.94 74.06 80.72 83.95
9.51 10.36 11.29 12.31 13.42 14.63 15.21
12.98 14.15 15.42 16.81 18.32 19.97 20.77
135.46 147.65 160.94 175.42 191.21 208.42 216.76

(99.23) (109.15) (120.07) (132.07) (145.28) (159.81) (166.20)

(21.55) (22.42) (23.31) (24.25) (25.22) (26.22) (27.27)
(2.37) (2.46) (2.56) (2.66) (2.77) (2.88) (3.00)
(123.15) (134.03) (145.94) (158.98) (173.27) (188.92) (196.47)

12.31 13.62 15.00 16.44 17.94 19.50 20.29

(2.90) (3.01) (3.13) (3.26) (3.39) (3.52) (3.66)
9.41 10.61 11.87 13.18 14.56 15.98 16.62
(3.29) (3.71) (4.15) (4.61) (5.09) (5.59) (5.82)
2.90 3.01 3.13 3.26 3.39 3.52 3.66
(4.34) (4.52) (4.70) (4.88) (5.08) (5.28) (5.49)
6.53 7.11 7.75 8.45 9.21 10.04 4.86

11.20 12.50 13.90 15.39 16.98 18.67 13.84

5.75 5.83 5.90 5.93 5.95 5.95
73.49171

-79.0389 -86.1524 -93.9061 -102.358 -111.57 -121.611 -126.476

 Current Forecast
0 1 2 3 4
Revenue 2007 2008 2009 2010 2011
Attendance 17.40 18.97 20.67 22.53 24.56
Incremental attendance 9.01 9.82
Sponsorship 15.70 17.11 18.65 20.33 22.16
Incremental sponsorship 4.07 4.43
Broadcast 28.70 31.28 34.10 37.17 40.51
Merchandise 5.20 5.67 6.18 6.73 7.34
Other 7.10 7.74 8.44 9.19 10.02
Total 74.10 80.77 88.04 109.04 118.86

Operating Costs
Payroll (50.92) (56.01) (61.61) (67.77) (74.55)
Stadium Operating Expense (16.38) (17.04) (17.72) (18.43) (19.16)
Incremental operating expenses (2.58) (2.68)
Other (1.80) (1.87) (1.95) (2.02) (2.11)
Total (69.10) (74.92) (81.28) (90.80) (98.50)

EBITDA 5.00 5.85 6.76 18.24 20.35

Depreciation (2.20) (2.29) (2.38) (2.47) (2.57)
Incremental depreciation (25.00) (25.00)
EBIT 2.80 3.56 4.38 (9.24) (7.22)
Taxes (0.98) (1.25) (1.53) 3.23 2.53
Depreciation 2.20 2.29 2.38 2.47 2.57
Incremental depreciation - - - 25.00 25.00
CAPEX (3.30) (3.43) (3.57) (3.71) (3.86)
Incremental CAPEX (125.00) (125.00)
change in NWC 3.89 4.24 12.26 5.73

FCF 0.72 (119.94) (119.10) 30.01 24.75

PV of FCF (109.03) (98.43) 22.55 16.90
PV of TV

Enterprise value 120.84

Cash 26.91
Debt 43.08
Equity value 104.67
Share price 11.27

* nwc -43.237 -47.13 -51.37 -63.63 -69.35

 5 6 7 8 9 10 11 12
2012 2013 2014 2015 2016 2017 2018 2019
26.77 29.18 31.81 34.67 37.79 41.19 44.90 48.94
10.71 11.67 12.72 13.87 15.12 16.48 17.96 19.58
24.16 26.33 28.70 31.28 34.10 37.17 40.51 44.16
4.83 5.27 5.74 6.26 6.82 7.43 8.10 8.83
44.16 48.13 52.46 57.19 62.33 67.94 74.06 80.72
8.00 8.72 9.51 10.36 11.29 12.31 13.42 14.63
10.92 11.91 12.98 14.15 15.42 16.81 18.32 19.97
129.55 141.21 153.92 167.77 182.87 199.33 217.27 236.83

(82.01) (90.21) (99.23) (109.15) (120.07) (132.07) (145.28) (159.81)

(19.93) (20.73) (21.55) (22.42) (23.31) (24.25) (25.22) (26.22)
(2.79) (2.90) (3.02) (3.14) (3.26) (3.39) (3.53) (3.67)
(2.19) (2.28) (2.37) (2.46) (2.56) (2.66) (2.77) (2.88)
(106.92) (116.11) (126.17) (137.17) (149.21) (162.38) (176.80) (192.59)

22.64 25.10 27.75 30.60 33.67 36.95 40.47 44.24

(2.68) (2.78) (2.90) (3.01) (3.13) (3.26) (3.39) (3.52)
(25.00) (25.00) (25.00) (25.00) (25.00) (25.00) (25.00) (25.00)
(5.04) (2.68) (0.14) 2.59 5.54 8.70 12.09 15.72
1.76 0.94 0.05 (0.91) (1.94) (3.04) (4.23) (5.50)
2.68 2.78 2.90 3.01 3.13 3.26 3.39 3.52
25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00
(4.01) (4.18) (4.34) (4.52) (4.70) (4.88) (5.08) (5.28)

6.24 6.80 7.42 8.08 8.81 9.60 10.47 11.41

26.63 28.67 30.87 33.26 35.84 38.63 41.63 44.86

16.53 16.18 15.84 15.52 15.20 14.89 14.59 14.30
165.80

-75.59 -82.40 -89.81 -97.90 -106.71 -116.31 -126.78 -138.19

 13
2020
50.90
20.36
45.93
9.19
83.95
15.21
20.77
246.30

(166.20)
(27.27)
(3.82)
(3.00)
(200.29)

46.01
(3.66)

42.35
(14.82)
3.66
-
(5.49)

5.53

31.22

-143.71