Gareth Bale could head the list of players leaving Tottenham Hotspur if they fail to qualify for next season's Champions League after their chairman admitted a strategy of squad "streamlining".

In comments contained in Spurs' half-year accounts for the six months to 31 December 2010, Daniel Levy told the Stock Exchange that the squad had become unwieldy in recent months. "We have hosted one of the largest squads in the Premier League during this period," he said in his chairman's statement. "It is important to create a healthy balance in any squad between competition for places and for players to play consistently. Whilst this large squad eased our progress in the Champions League, we shall continue to look to streamline our squad where appropriate."

Bale has recently signed a contract, ostensibly tying him to White Hart Lane until 2015. But last Monday the manager, Harry Redknapp, admitted that a world-record bid for the Welshman would lead to his release. At the same time Redknapp expressed his reluctance to countenance any approach for Bale because "we're trying to build the club".

However the financial realities at Tottenham – as displayed by the balance sheet accompanying Levy's remarks – point to straitened circumstances ahead. With eight games remaining in their Premier League season, Spurs are five points adrift of Champions League qualification and risk missing out on Europe's senior club competition next season. That would come at a significant cost for a club who appear to have become rapidly reliant on Champions League revenues.

Starting with the positives, turnover for the six-month period has increased by very nearly 50% to £79.8m. The Champions League group stage brought in £18.4m in extra gate receipts and participation bonuses, with another £3.3m in sponsorship and corporate hospitality. Merchandising went up £1.2m. This all adds up to Champions League-related income growth of £22.9m of the total £26.2m rise in overall revenue. But much of that new money was quickly spent.

During the corresponding six months in 2009, Spurs' operating expenses were £48.6m; last year's interim period showed expenses had reached £61.5m, a net growth in costs of £12.9m. The summary to the accounts states: "[Increases in] operating expenses [were] due in the main to the costs associated with a large squad size."

With other charges such as interest, depreciation and amortisation of player contracts, the club are on a trajectory for a substantial loss next year. And in addition, Spurs have spent £40.7m in transfer and agents' fees.

Chu's Brum bonanza

Pollyanna Chu must be a very persuasive woman, if a trading document on the Hong Kong stock exchange is to be believed. She is the owner behind Kingston Securities, the financial services firm that underwrote the recent cash-raising exercise for Birmingham City's owner, Birmingham International Holdings. Chu took a 14.11% interest in the club's Cayman Islands-registered parent company last October, in the form of 450m new shares, each of which cost HK$0.20, valuing her interest at £7.1m. At the same time a further 1.1bn new HK$0.20 shares, with a value of £17.36m, were also made available to investors by Birmingham International.

As reported here last month, there have been signs that the wider capital raising did not go as had been hoped. Two days after Digger's report, BIH's board announced to the Hong Kong stock exchange it would extend the deadline for the broader exercise from 25 March to 25 May "or [a] date as may be agreed between the Placing Agent and the Company". So you can still apparently buy up to £17.36m of shares in Birmingham's offshore parent. Yet, according to a document on the Hong Kong stock exchange, on 22 March every single one of her shares was sold and that document seems to suggest they were sold for HK$0.30 – a 50% premium on what the 1.1bn other new shares were simultaneously being offered at. Perhaps it is a typing error on the behalf of the HKSE but, if not, it would appear Chu has done rather well there.

Lawyers miss out

The British Olympic Association and London 2012 held their first meeting on Thursday since the BOA suspended its legal claim against the Olympics organiser. Andy Hunt and Paul Deighton, their respective chief executives, chatted through a BOA proposal for about an hour, with more meetings planned next week. It is interesting that the BOA chose to pull out of its action through the court of arbitration for sport when it did. As we know, in cash terms it is not Britain's healthiest sports organisation and the CAS, as is standard practice for the Swiss court, demands payment before a hearing takes place. With expensive lawyers such as Lord Grabiner and Lord Pannick preparing to do battle, that bill would have had quite a few noughts.

Fergie jacket jettisoned

Sharp-eyed television viewers may have spotted a tinge of green and gold to the blazer badge worn by Sir Alex Ferguson at Chelsea on Wednesday. Was he provocatively adopting the colours of the Love United Hate Glazer movement? Not a bit of it. The badge was that of the Manchester County Football Association, although after the FA upheld a two-match ban for Wayne Rooney's swearing, he may not don that jacket again for a while.

Follow Matt Scott on Twitter: @diggermattscott