The key to Tottenham’s record profits? Don’t pay for players.

The day after their new, £1 billion stadium opened, Tottenham announced a world-record profit.

Tottenham opened their long-awaited new stadium with a 2-0 victory over Crystal Palace on Wednesday. The next day, they announced a world-record profit of £113 million for 2017-18. That tops the previous record of £106 million pounds, posted by Premier League rival Liverpool, also for 2017-18.

The profit may have come as something of a surprise given that, as of June 2018, Tottenham had spent just over £1 billion on their new stadium and training ground. But most of that cost has been met with loans, with about half being spent in the 2017-18 fiscal year.

The bottom line for Spurs has been bolstered by playing a season at Wembley Stadium while their new stadium was being built, with the associated boost in matchday crowds. Reaching the knockout stage of Champions League (worth £53 millions in prize money), and a boost in commercial income are the other primary factors.

Manager Mauricio Pochettino has led Tottenham to the Champions League for the past three years, and the win over Crystal Place kept them on track for another top-four finish. But in terms of player salaries, Tottenham aren’t measuring up with the other top-end teams in the Premier League.

For the 2017-18 season, Tottenham’s wage bill came in nearly £100 million pounds less than the next two on the list and exactly half of what Manchester United spent on players.

With the arrival of Serge Aurier, Lucas Moura and Davinson Sanchez, Tottenham took a rare loss on player trading in 2017-18 (£32 million). But they’ve benefited from previous big sales, and they’ve signed no one in the last two transfer windows while letting experienced fringe players go.

As well run as Tottenham are at the top right now, with apparent cost restraints, concern about the departure of Pochettino and his star players is unlikely to dissipate any time soon.