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Tottenham Hotspur's non-executive vice-chairman Paul Kemsley has resigned from the club's board with immediate effect.

The businessman, who also runs a property investment company Rock Properties, joined the board in 2001 as part of the Enic group which now owns the club.

He has business interests in the United States and chairman Daniel Levy said Kemsley was likely to spend an increasing amount of time abroad and would therefore not be able to devote enough attention to Spurs.

"It is with regret that I announce the resignation of Paul Kemsley," said Levy.

"Paul has recently expanded his property business interests in the United States and feels that inevitably his time spent overseas will impact upon his ability to fulfil his role with the club.

"Paul has worked with me for the past six years at the club and I thank him for his advice and counsel during this period."

The announcement comes as the club revealed vastly increased profits over the last year.

Pre-tax profits hit a record high of £27.7 million, up from just £600,000 in the previous 12 months.

Turnover also increased by nearly £30 million on the year ending June 30th 2007, up to £103.1 million.

Martin Jol's side enjoyed a solid season on the pitch with runs to the last eight of the Uefa Cup, the semi-finals of the FA Cup and a second consecutive fifth-place finish in the Premier League.

And Levy said these successes would continue to drive the club forwards in the future, hinting at a possible expansion of White Hart Lane or even the construction of a brand new stadium to boost revenue.

"All parts of the business have continued to perform well to produce record revenues and profits," he said.

"Cash generation has been strong. Our priorities for the club are focused on continued development of the first team where we have built an exceptionally talented squad, progressing our state-of-the-art training centre and the development of an improved, larger stadium."