Tottenham are considering a move away from White Hart Lane

The club, which earned a �900,000 pre-tax profit in 2002, reported the disappointing results to the Stock Exchange on Monday.

"Last season the team's performances were well below the level we hoped for," said Levy.

"This has also resulted in a challenging close season for our business managers and employees."

Spurs parted company with Glenn Hoddle after a poor start to the season but have since picked up their results under caretaker-manager David Pleat.

The club had delayed the publication of their annual results three times amongst fears that a new �50m share issue had been unsuccessful.

After finally revealing the full extent of the club's losses, Levy said that an improvement on the field was needed to help get the club back in the black.

We are open-minded about alternatives to our current stadium site Tottenham chairman Daniel Levy

"Trading will be influenced by the performance and success of the team over the remainder of the current season," he added.

"We have invested heavily in the team once again this year and continue to pursue our long-term projects."

The multi-million pound loss did not take into account the purchases of Helder Postiga, Bobby Zamora and Frederic Kanoute which totalled �11.75m.

But Levy warned Pleat, who has steered Tottenham to a run of five unbeaten games, will not have such huge sums to spend in January.

Spus finance director quits

"The spending pattern this summer is not one that is sustainable over the longer term," said Levy.

"The income from player sales was negligible compared to our overall spend on player purchases."

The chairman also hinted that a downturn in the club's fortunes could also mean that a move away from White Hart Lane would be considered if it made better business sense.

�7m doesn't sound like much to me - there have been much bigger losses by other clubs From RT Have your say on 606

"There are immense difficulties to overcome in an area that has been deprived of inward investment for so long," added Levy.

"We therefore remain open-minded to any feasible alternatives to our current stadium site."

In a bid to turn round the club's faltering finances, Tottenham have appointed Matthew Collecott as finance director and company secretary.

Collecott fills the shoes left by Paul Viner, who resigned from the post on Friday.