(Bloomberg) -- Tottenham Hotspur is in talks with potential investors over a stake in the London football club, marking another Premier League club hunting for cash after a boom in sports team valuations. 

The board and its long-term adviser, Rothschild & Co., have begun talks after stating the club “requires a significant increase in its equity base” in order to continue to invest in its teams and “undertake future capital projects,” according to a statement within its financial results published Wednesday. 

The statement does not name any potential investors. Chairman Daniel Levy said in September that Spurs had received offers in the past from the Far East, Middle East and the US, but that “nothing has been put on our table that we felt has been in the interests of shareholders.” 

Bloomberg previously reported that Levy is open to selling a stake in the London football club, with Qatar Sports Investments Chairman Nasser Al-Khelaifi holding conversations last year over a possible investment. QSI is not currently considering an investment in Spurs, according to a person with knowledge of the matter. 

Early stage talks are being held with a range of investors, including sports-focused funds and family offices, according to people with knowledge of the matter. 

A number of UK football clubs have been looking for investment, including Brentford FC, West Ham, Everton FC and Wolverhampton Wanderers. Billionaire Jim Ratcliffe recently completed a $1.3 billion deal for a stake in Manchester United. 

Sports teams and leagues have become investment targets for a range of investors. Private equity firm Arctos Partners has raised $4.1 billion for a second sports fund, while Formula 1 owner Liberty Media Corp. bought racing league MotoGP World Championship for $3.8 billion.

Spurs — which has long been rumored for sale — has become a rare financial success story in the Premier League under Levy. One of the highest revenue generating clubs in Europe, its £1.2 billion ($1.5 billion) Tottenham Hotspur Stadium now hosts NFL games and live concerts.

Revenue at the club increased to £549.6 million ($692 million) over the year ending June 2023, up sharply from the £444 million over previous year. However the group made a loss of £86.8 million, after a series of expensive transfers.

But despite its turnaround off the pitch under the aegis of Levy, the club has continued to miss out on trophies, and has faced significant turmoil over the past few years. 

Tottenham’s former long-time owner, the billionaire Joe Lewis, pleaded guilty to securities fraud earlier this year. Lewis ceased to be a person with significant control in Tottenham in October 2022, passing to a family trust. 

ENIC Sports Inc. controls almost 87% of Spurs, with the Lewis Family Trust owning just over 70% of ENIC Sports Inc. Levy and members of his family own the rest of ENIC. About 30,000 fans are also shareholders in the club directly, controlling around 13.5%.

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(Updated with additional context, details on finances, talks.)

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